VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 27, 2017) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
International Wastewater Systems Inc. (the "Company") (CSE:IWS)(CSE:IWS.CN)(FRANKFURT:IWI)(OTC PINK:INTWF) is pleased to announce, further to its news release dated January 19, 2017, the closing of the first tranche of the Company's brokered private placement (the "Brokered Placement"), led by Haywood Securities Inc. as agent.
Pursuant to the first tranche of the Brokered Placement, the Company has issued 2,659,850 units ("Units") at a price of $0.30 per Unit for gross proceeds of $797,955. Each Unit consists of one common share (a "Share") and one common share purchase warrant (a "Warrant") of the Company. Each Warrant entitles the holder to purchase one Share for a period of two years from the date of issuance at an exercise price of $0.40 per Share ("Brokered Placement").
The Company has paid cash commissions in the amount of $59,846.63, being 7.5% of the aggregate gross proceeds from the sale of Units under this tranche of the Brokered Placement. The Company has also issued to the Agent and its designee 199,488 non-transferrable warrants ("Agent's Warrants"), being 7.5% of the number of Shares sold under this tranche of the Brokered Placement. Each Agent's Warrant entitles the holder to purchase one Share at a price of $0.30 for two years from the closing date.
All securities distributed pursuant to the Brokered Placement are subject to a statutory hold period of four months and a day from the date of issuance.
ON BEHALF OF THE BOARD
Lynn Mueller, Chairman and Chief Executive Officer
About International Wastewater Systems Inc.
International Wastewater Systems Inc. is a world leader in thermal heat recovery. IWS systems recycle thermal energy from wastewater, generating the most energy efficient and economical systems for heating, cooling & hot water for commercial, residential and industrial buildings. IWS is publicly traded in Canada (CSE:IWS), the United States (OTC PINK:INTWF) and Germany (FRANKFURT:IWI).
The CSE does not accept responsibility for the adequacy or accuracy of this release.