Wavefront Energy Closes Private Placement
Wavefront Energy and Environmental Services Inc., a provider and licensor of its proprietary DeepWave(SM) technology for improved oil recovery and groundwater remediation, further to a Price Reservation Form filed and approved by the Board on April 27, 2006, has completed its sale of 4,485,115 Common Shares of the Company at a price of $1.80 per Share for gross proceeds of $8,073,360. The Shares were sold by way of a non-brokered private placement (the "Private Placement"). All Shares issued under the Private Placement are subject to a four-month hold period expiring on September 30, 2006.
Pritchard Capital Partners and Sanders Wealth Management Group Ltd., will be paid a 6% cash finders fee of $153,700 on a portion of the Private Placement.
The net proceeds of the Private Placement are estimated to be approximately $7,880,160, and will be used to support Halliburton Energy Services Inc.'s ("Halliburton") marketing efforts, Wavefront's collaboration efforts with Halliburton for new DeepWave(SM) systems development, the development of mineral right properties to showcase DeepWave(SM) and to initiate the manufacturing of an inventory of DeepWave(SM) systems for a field wide implementation, with the remainder to be set aside for unallocated working capital.
About Wavefront Energy and Environmental Services Inc.
Wavefront develops, markets, and licenses proprietary technologies in the
energy and environmental sectors. The Company's patented DeepWave(SM)
Technology is a proven and verified fluid flow optimization technique. Within
the energy sector the Company's strategy is to license the technology to
service providers, provide site licenses to oil producers, and to acquire or
earn working interests in mature oilfields. In the environmental sector,
DeepWave(SM) is licensed to service providers who implement the technology to
reduce long-term liabilities associated with contaminated sites
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- Wavefront's Powerwave Tech Expands from Convincing Injection Results (May 21)
- Wavefront Changes Moniker to Wavefront Technology Solutions Inc. (Mar 27)