Robert Manherz

August 12, 2013 07:19 ET

Robert Manherz: Announcement

ANCASTER, ONTARIO--(Marketwired - Aug. 12, 2013) - Robert Manherz, a director of CO2 Solutions Inc. (the "Corporation"), announced today that he has acquired an additional interest in the Corporation.

On August 9, 2013, the Corporation completed a private placement of 1,200 units (the "Units") at a price of $1,000 per Unit (the "Private Placement"), each Unit being comprised of (i) $1,000 principal amount of convertible debenture, convertible at a price of $0.12 per common share (the "Convertible Debentures") and (ii) 4,167 common share purchase warrants (the "Warrants").

Robert Manherz acquired 843 Units under the Private Placement, representing $843,000 principal amount of Convertible Debentures and 3,512,781 Warrants.

After the completion of the Private Placement, Mr. Manherz has ownership and control over 9,659,057 common shares of the Corporation (the "Common Shares"), 83,333 options to purchase Common Shares (the "Options"), $843,000 principal amount of Convertible Debentures and 3,512,781 Warrants, representing approximately 12.12% of the issued and outstanding Common Shares of the Corporation on a non-diluted basis, and 22.46% of the issued and outstanding Common Shares of the Corporation, assuming exercise and conversion of all the Options, Warrants and Convertible Debentures held by Mr. Manherz.

Mr. Manherz and his affiliates have agreed not to exercise any of the Warrants or convert any of the Convertible Debentures where such exercise or conversion would give Mr. Manherz and his affiliates control over 20% or more of CO2's voting securities, on a non-diluted basis, without prior approval from the disinterested shareholders of CO2.

The Units were acquired for investment purposes and Mr. Manherz could increase or decrease his investment in CO2 depending on market conditions or any other relevant factor.

An early warning report in respect of the above noted transaction will be filed on SEDAR.

Contact Information

  • Thom Skinner
    Senior Vice President, Finance and Chief Financial Officer
    CO2 Solutions Inc.
    418.842.3456