Victoria, British Columbia -- E. S. I. Environmental Sensors Inc. (“ESI” or the “Company”), TSX-V: ESV is pleased to announce a non-brokered private placement 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 announced 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 production. 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 was designed for the oil industry to measure the volumetric presence of water pumped during crude oil extraction for characterization and optimization of the process. 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 atwww.esica.com.