Seaway Energy Services Inc.
TSX VENTURE : SEW

Seaway Energy Services Inc.

May 20, 2009 23:11 ET

Seaway Announces Private Placement

CALGARY, ALBERTA--(Marketwire - May 20, 2009) - Seaway Energy Services Inc. ("Seaway") (TSX VENTURE:SEW) is pleased to announce that, subject to the approval of the TSX Venture Exchange, it has arranged a non-brokered private placement (the "Private Placement") of up to 3,100,000 units (each a "Unit") at a price of CDN $0.05 per Unit. Each Unit consists of one common share of Seaway and one non-transferable common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one common share of Seaway (each a "Warrant Share") at a price of $0.10 per Warrant Share on or before the day that is 24 months from the date of the Private Placement.

Overview

Seaway is a Calgary-based corporation providing environmental consulting services to the oil and gas industry. These services include managing the construction of oil and gas leases and access roads, cleanup of leases and roads following drilling activity and reclamation of leases following drilling and production. Copies of the Corporation's documents may be obtained electronically from the SEDAR system at www.sedar.com or on the Company's website www.seawayenergy.com.

Seaway is listed on the TSX Venture Exchange under the symbol "SEW".

Certain statements contained in this document are "forward-looking statements". The projections, estimates and beliefs contained in such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results or events to differ materially from those anticipated in any forward-looking statements. Seaway believes the expectations reflected in those forward-looking statements are reasonable; however Seaway cannot provide any assurance that these expectations will prove to be correct.

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.

Contact Information

  • Seaway Energy Services Inc.
    Jerry Budziak
    President and CEO
    (403) 235-4486
    (403) 266-1181 (FAX)
    or
    Seaway Energy Services Inc.
    #810, 808 - 4th Ave. SW
    Calgary, Alberta, Canada T2P 3E8
    info@seawayenergy.com
    www.seawayenergy.com