|By Marketwired .||
|May 14, 2014 05:26 PM EDT||
VICTORIA, BRITISH COLUMBIA -- (Marketwired) -- 05/14/14 -- E.S.I. Environmental Sensors Inc. ("ESI" or the "Company") (TSX VENTURE: ESV) has extended the non-brokered private placement, previously announced on March 27, 2014. The placement will consist of up to 10,000,000 units ("Units") at $0.05 per Unit to raise gross proceeds of up to CAD$500,000. Each Unit will consist of one common share and one common share purchase warrant (a "Warrant"). Each Warrant will be exercisable into an additional common share for a period of three years from the closing date. The Warrants will be exercisable at a price of $0.10 for the first year following the closing of the transaction, $0.15 for the second year following closing, and $0.20 for the third year following closing.
The Private Placement is subject to TSX Venture Exchange ("Exchange") acceptance. The proceeds from this financing will be used for general working capital purposes and to fund the initial stages of the recently announced Flo.Point development program as stated in the Company's press release on March 13, 2014. Subject to Exchange approval, the Company will pay finders' fees in connection with the private placement.
ESI is a leading manufacturer of patented and proprietary solutions for environments where understanding the presence, movement, and/or amount of water are important. Major market sectors include: Agriculture, Golf and Turf, Scientific Research, Civil Engineering and Crude Oil. ESI solutions have been successfully introduced into more than 40 countries to enable customers to optimize their operations by monitoring the presence and movement of water, managing irrigation systems, and monitoring the integrity of landfill covers. The Company's Flo.Point instrument targets the Oil industry to measure the volumetric presence of water pumped during crude oil extraction for characterization and optimization of the process. The Company has recently announced the launch of a development program for a second generation Flo.Point water/oil cut sensor. ESI differentiates itself by translating the best technology and science available into practical, easy to use solutions. Irrigation managers, Reservoir Engineers, and Scientists have adopted ESI's products for their accuracy, ease of use, repeatability, and ability to operate in challenging environments. ESI is publicly traded on the TSX Venture Exchange under the symbol "ESV". Further information about ESI may be obtained through the Company's website at www.esisensors.com.
On behalf of the Company:
Bernard Beauchesne, Chief Operating Officer
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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