MONTREAL, (QC) / TheNewswire / November 15, 2016 - Xebec Adsorption Inc. (TSXV: XBC) (“Xebec” or the “Corporation”), a provider of gas purification, generation and filtration solutions for the natural gas, field gas, biogas to renewable natural gas (RNG), helium, oxygen, nitrogen and hydrogen markets, announces today that it intends to carry out a non-brokered private placement (the “Private Placement”) of 9% convertible unsecured debentures of the Corporation (the “Debentures”), maturing thirty-six (36) months from the date of closing of the Private Placement (the “Maturity Date”), for aggregate gross proceeds to the Corporation of up to $1 million.

 

The Corporation shall, at maturity, reimburse the principal amount of the Debentures by the delivery of, at the option of the Corporation, cash or common shares of the Corporation (the “Common Shares”), at a conversion price of $0.15 per Common Share.

 

The Debentures may also be converted into Common Shares, at any time prior to the Maturity Date, at the request of a holder of Debentures, at a conversion price of $0.15 per Common Share, at the end of each quarter after the closing of the Private Placement.

 

The Corporation will be entitled, at any time after the second anniversary of the closing of the Private Placement, upon a twenty (20) days prior notice, to reimburse in advance the principal amount of the Debentures and all unpaid and accrued interests thereon, payable in cash.

 

Interest under the Debentures shall be paid at the end of each quarter after the closing of the Private Placement, at the option of the Corporation, in cash or Common Shares, at a conversion price per Common Share equal to the closing price of the Common Shares on the TSX Venture Exchange (the “Exchange”) on the day the accrued interest becomes payable.

 

The proceeds will be used by Xebec for working capital and general corporate purposes.

 

The Private Placement is conditional upon the approval of the Exchange.

 

Investor Relation Contact:

Xebec Adsorption Inc.

Kurt Sorschak

President & Chief Executive Officer

+1 (450) 979 8718   ksorschak@xebecinc.com

 

About Xebec Adsorption Inc.

Xebec Adsorption Inc. is a global provider of clean energy solutions to corporations and governments looking to reduce their carbon footprints. With more than 1,500 customers worldwide, Xebec designs, engineers and manufactures innovative products that transform raw gases into marketable sources of clean energy. Xebec’s strategy is focused on establishing leadership positions in markets where demand for renewable energy through gas purification and generation, natural gas dehydration, and filtration is growing. Headquartered in Montreal (QC), Xebec is a global company with two manufacturing facilities in Montreal and Shanghai, as well as a sales and distribution network in North America, Europe, and Asia. Xebec trades on the TSX Venture Exchange under the symbol XBC. For additional information on the company, its products and services, visit Xebec at www.xebecinc.com.

 

Cautionary Statement

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 release. Certain statements in this press release may constitute "forward-looking" statements within the meaning of applicable securities laws. This forward looking information includes, but is not limited to, the expectations and/or claims of management of Xebec with respect to information regarding the business, operations and financial condition of Xebec. Forward-looking information contained in this press release involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Xebec or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. This list is not exhaustive of the factors that may affect forward-looking information contained in this press release. When used in this press release, such statements use such words as "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "will" and other similar terminology. These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this presentation. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements.