CALGARY, Alberta, Oct. 31, 2017 (GLOBE NEWSWIRE) -- Tornado Global Hydrovacs LTD. (TSX-V:TGH) (“Tornado” or the “Corporation”) is pleased to announce that it has completed its previously announced rights offering (the “Offering”). At closing, Tornado issued 6,172,354 Class “A” Common Shares (“Common Shares”) at a price of $0.085 per share for gross proceeds of $524,650, the net proceeds of which will be used to further fund the Corporation’s business strategy with respect to China and to fund working capital for continuing operations.
Insiders of the Corporation as a group subscribed for and received 1,620,047 Common Shares pursuant to the Offering. All other rights holders as a group subscribed for and received an aggregate of 4,552,307 Common Shares.
As at the closing date a total of 126,716,519 Common Shares are issued and outstanding. No fees or commissions were paid in connection with the Rights Offering, however Tornado incurred approximately $63,000 of expenses in connection with the Offering.
About Tornado Global Hydrovacs Ltd.
The Company designs and manufactures hydrovac trucks in Canada and sells hydrovac trucks for excavation service providers to the oil and gas industry and the municipal markets in Canada and the USA. Hydrovac trucks use high pressure water to pulverize soil and turn it into mud, and then vacuum up the resulting mud into its tank. Tornado currently operates in North America. The Company intends to expand its hydrovac business into China and has established a wholly owned operation in China with a head office in Beijing.
Bill Rollins
Chief Executive Officer
Phone: (403) 204-6333
Email: brollins@tghl.ca
Al Robertson
Chief Financial Officer
Phone (403) 204-6363
Email: arobertson@tghl.ca
Advisory
Neither the Exchange nor its Regulation Service Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Certain statements contained in this news release constitute forward-looking statements. These statements relate to future events. All statements other than statements of historical fact are forward-looking statements. The use of the words ‘‘may”, “expects”, “believes”, “anticipates” and other words of a similar nature are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Tornado believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Such statements include statements with respect to (i) the expansion of the hydrovac business to China, and the results, if any, thereof; and (ii) any increase in revenue and profitability of the hydrovac business and the success of any efforts in respect thereof. Actual results could differ materially from those anticipated in these forward-looking statements as a result of prevailing economic conditions, and other factors, many of which are beyond the control of Tornado. The forward-looking statements contained in this news release represent Tornado’s expectations as of the date hereof, and are subject to change after such date. Tornado disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.