CALGARY, May 15, 2012 /PRNewswire/ - Ridgeline Energy Services Inc. (TSX-V:
RLE; OTCQX: RGDEF) ("Ridgeline" or the "Company") is pleased to
announce its bought deal offering (the "Offering") announced on May 14, 2012 of 2,857,000 common shares in the capital of
Ridgeline (the "Common Shares") at $0.70 per Common Share for gross proceeds of approximately $2
million has been increased by approximately $8 million, to
$10,000,200. The Offering is being underwritten by a syndicate of
underwriters (collectively, the "Underwriters") in Canada. Ridgeline
has also granted to the Underwriters an over-allotment option (the "Over-Allotment Option") to purchase an additional 2,143,000 of Common Shares on the same
terms, exercisable in whole or in part at any time prior to 30 days
after closing of the Offering (the "Closing"). If the Over-Allotment Option is exercised in full, the total gross
proceeds to Ridgeline from the sale of Common Shares under the Offering
will be approximately $11.5 million.
The net proceeds received by the Company from the Offering and
Over-Allotment Option will be used for commercialization, acquisitions,
development, and working capital.
The Offering is scheduled to close on or about the week of June 4th, 2012 or as otherwise determined by the Company and Underwriters and is
subject to certain customary conditions including, but not limited to,
the receipt of all necessary regulatory approvals including the
approval of the TSX Venture Exchange and the securities regulatory
authorities. The Common Shares will be offered by way of a short-form
prospectus to be filed in such provinces of Canada (except Quebec),
where the Common Shares are sold, pursuant to National Instrument
44-101 - Short Form Prospectus Distributions and in the United States on a private placement basis pursuant to an
exemption from the registration requirements of the United States Securities Act of 1933, as amended.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities, in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction. The securities have not been and
will not be registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act"), or any state securities laws
and may not be offered or sold within the United States or to, or for the
account or benefit of, "U.S. persons," as such term is defined in
Regulation S under the U.S. Securities Act, unless an exemption from
such registration is available.
About Ridgeline Energy Services Inc.
Ridgeline Energy Services Inc. is an energy services and water treatment company. The Company is
applying proprietary technology to treat the large volumes of
contaminated water generated by oil and gas production. The Company is
working with energy majors in the application of its technology for the
recycle and reuse of; produced and hydraulic stimulation flowback
water; enhanced recovery chemical flood water; and oil sands process
water. As well the Company is applying its technology in the testing
and treatment of commercial and industrial waste water. Through its
environmental consulting and remediation subsidiaries, Ridgeline Environment Inc. and Ridgeline GreenFill Inc., the Company has built a reputation as an established provider of
environmental services to North America's oil and gas industry. The
Company trades on the TSX Venture Exchange under the symbol "RLE" and
the OTCQX as "RGDEF". Additional information is available on the
Company's website at: www.ridgelinecanada.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Tony Ker"
Tony Ker, CEO
"Neither 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 news
release. This news release may contain forward-looking statements.
Forward-looking statements address future events and conditions and
therefore, involve inherent risks and uncertainties. Actual results may
differ materially from those currently anticipated in such statements. Such information is subject to known and unknown risks, uncertainties
and other factors that could influence actual results or events and
cause actual results or events to differ materially from those stated,
anticipated or implied in the forward-looking information. Readers are
cautioned not to place undue reliance on forward-looking information,
as no assurances can be given as to future results, levels of activity
or achievements."
SOURCE Ridgeline Energy Services Inc.
