Pure Technologies Ltd., is pleased to announce that it has closed its previously announced “bought deal” short form prospectus offering of 3,922,000 common shares at a price of $5.10 per common share for total gross proceeds of approximately $20 million. The offering was conducted through a syndicate of underwriters led by Canaccord Genuity Corp., and included Cormark Securities Inc. and Fraser Mackenzie Limited (“the Underwriters”). The Company has agreed to pay the Underwriters a fee equal to 5% of the gross proceeds of the offering.
Pure intends to use net proceeds from this offering to fund business objectives that are consistent with the Company’s overall growth oriented strategy. These business objectives include the development of new technologies and further commercialization of existing technologies for the water and wastewater pipeline industry; increased marketing endeavors to penetrate new international markets; and strategic acquisitions of assets and entities complementary to Pure’s business and operations.