Targeted Microwave Solutions Inc.

Targeted Microwave Solutions Inc.

September 15, 2016 16:30 ET

Targeted Microwave Solutions Announces up to $2 Million Financing to Advance Technology


Targeted Microwave Solutions Inc. (TSX VENTURE:TMS) (OTCQX:TGTMF) ("TMS") is pleased to announce that it has engaged Richardson GMP Limited ("Richardson GMP") as its exclusive agent in connection with a private placement of up to 6,000,000 common shares (the "Offering") at a price of $0.25 per common share for gross proceeds of up to $1,500,000. The Offering will be sold on a "commercially reasonable efforts" basis.

In conjunction with the Offering, TMS may issue to certain directors, officers and employees, along with certain other subscribers, on a non-brokered basis, common shares at a price of $0.25 per common share for gross proceeds of up to $500,000 (the "Concurrent Private Placement").

The Offering and the Concurrent Private Placement are expected to close concurrently on or about October 15, 2016, and are subject to approval of the TSX Venture Exchange, and, in the case of the Offering, customary closing conditions for brokered financings. Closings of both private placements are not conditional on each other.

The planned use of proceeds shall be to advance TMS's Generation III reactor technology and for working capital.

The Offering is being made in the Provinces of British Columbia and Alberta, and such other jurisdictions as TMS and Richardson GMP may agree prior to the closing date. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities, in any state of the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration requirements.

On behalf of the Board of Directors,

"Dr. James Young"

Chairman of the Board of Directors


This news release contains certain statements which are, or may be deemed to be "forward-looking statements". Forward-looking statements are statements that address or discuss activities, events or developments that we expect or anticipate may occur in the future. Forward-looking statements consist of statements that are not purely historical and, in this news release, include, without limitation, statements regarding: the timing and completion of the private placements, insider participation in the non-brokered private placement, the aggregate proceeds expected to be raised from the private placements and the expected use of proceeds. When used in this news release, words such as "estimates", "expects", "plans", "anticipates", "projects", "will", "believes", "intends", "should", "could", "may" and other similar terminology are intended to identify such forward-looking statements. Forward-looking statements reflect the then-current expectations, beliefs, assumptions, estimates and forecasts of our management. Because forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors which are difficult to predict, our actual results, performance or achievements or the actual results or performance of the industries and markets in which we operate and intend to operate may be materially different from those anticipated in our forward-looking statements. Forward-looking statements involve significant uncertainties and risks, should not be read as a guarantee of future performance or results and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in our forward-looking statements, including the ability to obtain all necessary stock exchange approvals, our ability to negotiate and executive definitive documentation and to fulfill any conditions precedent contained therein, the general level of interest to participate in the private placements and such other matters described in our public filings available on SEDAR at Accordingly, readers should exercise caution in relying upon our forward-looking statements and we undertake no obligation to publicly revise such statements to reflect subsequent events or circumstances, except as required by law.

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.

About TMS

TMS is a microwave process developer specializing in clean emission, high-throughput industrial drying solutions. TMS's proprietary microwave beneficiation systems are being developed to specifically address the increasing environmental costs of a cornerstone of the global manufacturing and processing economy, industrial drying. The TMS process represents a unique, vertical microwave system that may be deployed to dry, re-size and calcinate industrial aggregates at high throughput capacity. TMS believes that its technology will allow for superior energy efficiency, process control and a clean emission profile, allowing TMS to deliver effective drying solutions that can fundamentally challenge the mainstream narrative that large-scale industry is incompatible with responsible, environmental policy. TMS has completed construction of a commercial-scale facility in King William County, Virginia, U.S.A., and has entered into joint ventures for China and India to develop and market its technology.

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About Richardson GMP Limited

As Canada's top-ranked independent wealth management firm, Richardson GMP Limited provides exclusive and innovative investment solutions to successful families and entrepreneurs. For the third consecutive year, Richardson GMP earned top overall ranking for products and services dedicated to High Net worth Investors in the 2012 Investment Executive Brokerage Report Card. The firm has offices in major centres across Canada including Victoria, Sidney, Vancouver, Banff, Edmonton, Red Deer, Calgary, Saskatoon, Winnipeg, Guelph, Mississauga, Toronto, Ottawa, Montréal and Charlottetown. Richardson GMP Limited is a member of the Canadian Investor Protection Fund.

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