Ridgeline Energy Services Inc.
TSX VENTURE : RLE

Ridgeline Energy Services Inc.

May 19, 2010 11:29 ET

Ridgeline Announces Amendment to Private Placement

CALGARY, ALBERTA--(Marketwire - May 19, 2010) - Ridgeline Energy Services Inc. ("Ridgeline" or the "Company") (TSX VENTURE:RLE), a Canadian publicly traded company www.ridgelinecanada.com/ announces that it is amending the terms to its private placement previously announced on May 4, 2010.

The Company has now received conditional approval from the TSX Venture Exchange to proceed with a private placement of up to 4,375,000 units at $0.16 per unit raising gross proceeds of up to $700,000. Each unit will consist of one common share and one full warrant. Each warrant shall be exercisable for a two year period from date of issue at a price of $0.25. In the event the market price of the common shares of the Company trades at $0.35 or higher for a period of twenty (20) consecutive days the warrants shall be deemed to be exercised by the holder.

The approval of the TSX Venture Exchange is conditional upon submission of the final Form 4B, other required documentation, and payment of the required listing fees.

A portion of the proceeds from the private placement will be used as the capital contribution of Ridgeline Eau Claire Inc., a wholly owned subsidiary of Ridgeline, to the Eau Claire Partnership as previously announced on May 4, 2010;. The balance of the proceeds will be loaned to the Eau Claire Partnership for working capital and operating costs under provisions of the partnership agreement.

The Eau Claire Partnership is a partnership between Ridgeline Eau Claire Inc. and Danzik Water Sciences LLC, a wholly owned subsidiary of Solverdi Worldwide Corporation, to commercialize a jointly developed waste water treatment processes and equipment specifically for the petroleum and natural gas industry.

About Ridgeline Energy Services, Inc.

Ridgeline provides environmental services to the Western Canadian energy industry through three operating subsidiaries: Ridgeline GreenFill Inc., Ridgeline Water Inc. and Ridgeline Environment Inc. These business units provide soil and wastewater treatment and environmental consulting solutions. With over a decade of serving the oil patch, Ridgeline brings experience, professionalism, and precision to the well site and the board room to assist producers in making the right choices for their business.

This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity or achievements."

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Ridgeline Energy Services Inc.
    Tony Ker
    President and Chief Executive Officer
    (604) 682-7312
    or
    Ridgeline Energy Services Inc.
    Tyler Heathcote
    President
    (403) 806-2380
    www.ridgelinecanada.com