pcNewsWire – DIVERGENT Energy Services Corp. (TSX-V: DVG) has closed previously announced non-brokered private placement of 5,000,000 common shares at $0.15 per common share for gross proceeds of $750,000.
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. A portion of the net proceeds will be directed to general working capital needs to continue the growth of the US business.
News Release
DIVERGENT Energy Services Corp. Announces Closing of Private Placement
Symbol (DVG: TSX-V)
CALGARY, ALBERTA – June 20, 2017. DIVERGENT Energy Services Corp. (“Divergent” or the “Corporation”) announces that further to its press releases dated June 8, 2017, it has completed the closing of a non-brokered private placement for 5,000,000 common shares of the Corporation at a price of $0.15 per common share for gross proceeds of $750,000.
Insiders of the Corporation have participated in $33,750 (or 5%) of the private placement.
Divergent paid a finder’s fee and finder’s warrants of 6% of the gross proceeds to qualified non-related parties that participated. The fees amounted to $41,600 and the Corporation issued 276,000 finder’s warrants that entitle 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 Private Placement 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. Following closing of the Private Placement, the Corporation will have 104,953,227 Common Shares issued and outstanding.
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.
For further information regarding this news release contact Ken Berg, President & Chief Executive Officer; or Scott Hamilton, Chief Financial Officer. DIVERGENT Energy Services Corp., 1500, 715 – 5th Ave SW, Calgary, AB T2P 2X6, (403) 543-0060, (403) 543-0069 (fax), www.divergentenergyservices.com
Neither the 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.
