EmberClear Corp. Announces Completion of $9.2 Million Financing
CALGARY, ALBERTA--(Marketwire - Jan. 14, 2011) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES.
EmberClear Corp. ("EmberClear") (TSX:EMB) is pleased to announce that it has completed its previously announced private placement of 6,571,429 common shares of EmberClear at a price of $1.40 per share for aggregate gross proceeds of $9.2 million. The private placement was underwritten by NCP Northland Capital Partners Inc. and was fully subscribed.
EmberClear intends to use the net proceeds of the private placement to expand its coal assets, to fund the continued development of its proposed 270 Megawatt electricity generation project in northeastern Pennsylvania using gasification technology, and for general working capital purposes.
The common shares issued under the private placement are subject to a four month statutory hold period expiring May 15, 2011.
EmberClear is a clean energy technology company developing energy projects around the world. EmberClear projects typically utilize advanced carbon based gasification, ultra-super critical, super- critical, circularized fluid bed, and post combustion carbon dioxide capture using various technologies in thermal chemistry acquired through exclusive and non-exclusive licenses. EmberClear also holds options and titled ownership to real estate and coal deposits. EmberClear intends to utilize additional technology licenses as needed to fully develop commercial scale energy projects. For more information please visit www.emberclear.com.
Forward-Looking Statement Disclaimer
This press release contains forward looking statements. More particularly, this press release contains statements concerning the anticipated use of the proceeds of the private placement. Although EmberClear believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because EmberClear can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The intended use of the proceeds of the private placement by EmberClear might change if the board of directors of EmberClear determines that it would be in the best interests of EmberClear to deploy the proceeds for some other purpose. The forward- looking statements contained in this document speak only as of the date of this document. Except as expressly required by applicable securities laws, we do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
(C) 2011 EmberClear Corp. All rights reserved. All other trademarks are the property of their respective owners.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.
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