TORONTO, ON--(Marketwired - March 09, 2017) - STT Enviro Corp. ("STT" or the "Corporation") (TSX VENTURE: STT) announces that is has provided a loan in the amount of $29,250 to an officer of the Corporation to exercise expiring stock options upon commercially acceptable terms and conditions.
The loan is a related party transaction for the purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI-61-101 as the fair market value of the loan is less than 25% of the market capitalization of the Corporation. The transactions have been reviewed and recommended by a committee of independent directors and approved by the board of directors. The shareholdings of David E. Deacon, President, CEO and a Director of STT will be increased from 1,532,982 common shares (pre-transaction) to 1,757,982 common shares (post-transaction).
The loan is closing in less than 21 days due to the expiry of the stock options, which shorter period is both reasonable and necessary in the circumstances. MI 61-101 requires if a material change report is filed less than 21 days before the expected date of the closing of the transaction, an explanation is to be provided why the shorter period is reasonable or necessary in the circumstances.
About STT Enviro Corp.
STT Enviro Corp. (TSX VENTURE: STT) supplies cost-effective, incremental, environmental improvements to traditional industrial products. STT Enviro Corp Systems & Solutions engineers and supplies chemical make-down systems to neutralize pollutants (usually acidity in air or water); and aftermarket services including optimization of chemical use for our customers to lower costs and reduce their carbon footprint. STT Enviro Corp Tanks & Industrial engineers and supplies bolted tanks and silos with a smaller environmental footprint for both dry and liquid storage applications.
For more information, please visit our website at www.sttenvirocorp.com.
Caution Regarding Forward-Looking Information and Non-IFRS Measures
This news release contains certain forward-looking statements. These statements relate to future events or future performance and reflect management's current expectations and assumptions regarding the growth, results of operations, performance, and business prospects and opportunities. Such forward-looking statements reflect management's current beliefs and expectations and are based on information currently available to management of the Company. In particular, statements regarding the future operating results and economic performance are forward-looking statements. Forward-looking statements involve significant risks and uncertainties. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking statements, including risks outlined under "Risk Factors" in our Annual Information Form, which is posted at www.sedar.com. In evaluating these statements, investors should specifically consider various factors, including such risks as Investment Risk; Business Valuations; Condition of Capital Markets; Dependence on Key Personnel; General Economic Factors; Interest Rate Risk; Competition; and Reliance on Key Suppliers. One or more of these "Risk Factors" could cause actual events or results to differ materially from any forward-looking statement. These factors should not be considered exhaustive. Although the forward-looking statements contained in this press release are based on what management of the Company considers to be reasonable assumptions based on information currently available to them, there can be no assurance that actual events or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. These forward-looking statements are made as of the date of this press release, and none of STT nor its directors assume any obligation to update or revise them to reflect new events or circumstances. Undue reliance should not be placed on forward-looking statements.
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 of this release.