Completes Full Exercise of Increased Underwriters' Option
CALGARY, Alberta, January 9, 2012 - Ridgeline Energy
Services Inc. (TSX-V: RLE; OTCQX: RGDEF)
("Ridgeline" or the "Company"), an energy
services technology and consulting company focused on waste
management in the oil and gas industry, announces the second
closing of the bought-deal private placement offering (the
"Offering") previously
announced in a press release dated December 30, 2011.
Pursuant to the terms of the underwriting agreement entered
into between the Company and a syndicate of Canadian
underwriters (collectively, the
"Underwriters"), the
Underwriters have elected to fully exercise the remaining
$763,800 of the total underwriters' option of
$2,500,020.
In total 12,500,100 common shares (the
"Common Shares") were
sold at $0.60 per Common Share, for gross proceeds of
$7,500,060.
The definitive closing follows a TSX Venture Exchange
("Exchange") bulletin
dated January 5, 2012 announcing Exchange acceptance of
Ridgeline's acquisition of Danzik Hydrological Sciences,
LLC and certain Intellectual Property related to the
Company's water treatment technology. For further
information on this acquisition please see the Company's
news releases dated April 20, May 31, and December 30, 2011,
and January 5, 2012, all as filed on SEDAR or on the
Company's website.
Under applicable Canadian securities laws, the Common Shares
are subject to a four-month and one day hold period from the
date of issuance. The Company has received conditional
approval from the TSX Venture Exchange for the listing of the
Common Shares sold and issued pursuant to the Offering,
subject to satisfying certain listing conditions of the TSX
Venture Exchange.
The proceeds of the Offering will be used by the Company for
commercialization, development and working capital.
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 technology and consulting company focused on
waste management in the oil and gas industry. Through its
subsidiaryRidgeline Water
Inc., 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 fracturing water; enhanced recovery chemical flood
water; and oil sands process water. As well the Company is
utilising its technology in the testing and treatment of
commercial and industrial waste water. Through its
environmental consulting and remediation
subsidiaries,Ridgeline Environment
Inc.andRidgeline 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
.
For further information please contact:
Ryan Johnson of Ridgeline Energy Services Inc.
Corporate Development
(604) 566-8066 ext. 3 (Vancouver)
rjohnson@ridgelinecanada.com
David Waldman at Crescendo Communications
Investor Relations
(212) 671-1021 (New York)
dwaldman@crescendo-ir.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."
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