CALGARY, ALBERTA--(Marketwired - July 13, 2016) - Seair Inc. (TSX VENTURE:SDS) ("Seair" or the "Company") is pleased to announces that in accordance with the terms of a trust indenture entered into between the Company and BNY Trust Company Of Canada ("BNY") dated as of October 31, 2012, as supplemented by the first supplemental indenture made effective October 31, 2013 as further supplemented by the second supplemental indenture made effective May 14, 2014, and as further supplemented by the third supplemental indenture made effective December 21, 2015 (the "Third Supplemental Indenture") (collectively, the "Indenture"), they have agreed to issue an aggregate of 1,022,992 common shares in the capital of the Company (the "Common Shares") to holders of the Company's 12% Secured, Subordinate, Convertible, Redeemable Debentures (the "Debentures") in satisfaction of an aggregate of $138,103.86 interest payable to holders of Debentures on June 30, 2016. The issuance of the Common Shares is being made pursuant to the Company's exercise of the share interest right (the "Share Interest Right") provided in the Indenture. The Company first announced their exercise of the Share Interest Right on May 30, 2014 and issued a continuation notice of such Share Interest Right following the execution of the Third Supplemental Indenture.
The issuance of the common shares in lieu of cash under the Share Interest Right is subject to the terms and conditions of the Indenture as well as the receipt of all requisite approvals, including, without limitation, the approval of the TSX Venture Exchange. The Company anticipates that holders of Debentures should receive their Common Shares in lieu of cash interest on the Debentures sometime in July 2016.
Seair Inc. is a Calgary based cleantech company. Seair has commercialized proprietary technology that can diffuse gases, such as oxygen, ozone and carbon dioxide, into liquids more effectively and with lower power consumption than the competition. Seair's patented technologies can produce micron size bubbles that are more efficient than other diffusion technologies because the diffused gases remain in solution for extended periods of time, leading to increased productivity and lower operating costs. Seair has been working with customers in the Oil and Gas industry for over five years. Seair applications include oil sands SAGD water solutions, frac and produced water treatment, industrial ponds treatment, mine dewatering/treatment, end-to-end sewage treatment for permanent residential communities and remote work camps, golf course irrigation and pond treatment and most recently, industrial emissions treatment. Parties interested in obtaining further information or receiving news releases and corporate documents from Seair may email such requests to email@example.com or visit the Seair website at www.seairinc.com.
Neither the 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.