DIVERGENT Energy Services Corp. (TSX VENTURE:DVG) ("Divergent" or the "Corporation") is pleased to announce that it will be conducting a non-brokered private placement of up to 5,000,000 common shares of Divergent (the "Common Shares") at a price of $0.15 per Common Shares for aggregate gross proceeds of $750,000 (the "Offering").
In connection with the Offering, Divergent may pay a finder's fee and finder's warrants of up to 6% of the gross proceeds of the Offering to certain qualified, non-related parties who act as finders in connection with the Offering. Each finder's warrant entitles the holder thereof to acquire one Common Share for $0.15 until the expiry date of December 31, 2018.
The net proceeds will be used to advance the commercialization of the Corporation's Linear Pump by providing the needed capital to acquire complete Linear Pump systems, which include the linear motors, reciprocating pumps, power cable, tubing anchors, and surface controls. All items require time to fabricate and Divergent can be better positioned to take advantage of increasing client interest by having all the necessary equipment on hand. A portion of the net proceeds will be directed to general working capital needs to continue the growth of the US business.
Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange Inc. The Common Shares issued will be subject to a four month hold period from the date of closing of the Offering.
ABOUT DIVERGENT ENERGY SERVICES CORP.
Headquartered in Calgary, Alberta, DIVERGENT Energy Services Corp. provides an array of Artificial Lift products and services that are used in the oil and gas industry. Products include Electromagnetic Pumps, Electric Submersible Pumps, and Electric Submersible Progressing Cavity Pumps.
SOURCE: DIVERGENT Energy Services Corp
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.