Intercept Energy Services Inc (fka IESCF)

[QualityStocks]

IESCF Closes First Tranche of Private Placement

Intercept Energy Services, an oilfield services firm primarily focused on servicing oil and gas companies and their fracking operations, Monday said it has completed a tranche of a private placement financing of up to 10 million units at a price of $0.05 per share resulting in gross proceeds of up to $500,000.

Each unit will consist of one common share of the company and one share purchase warrant that entitles the holder to purchase one additional common share of the company at a price of $0.075 per share for a two-year period following the close of the offering. The warrants are subject to an accelerated expiry; if at any time after the standard four-month hold period the closing price of the company’s common shares on the TSX Venture Exchange (TSX) exceed $0.15 for 10 consecutive trading days, the warrant holder will be given notice that the warrants will expire 31 days following the date of the notice. The offering is subject to the approval of the TSX.

Intercept Energy has sold 1 million units for gross proceeds of $50,000 pursuant to this tranche. The company said it intends to use the proceeds to expand its business operations in the Bakken area of Williston, North Dakota, as well as for general operating expenses.

Intercept Energy, through its wholly owned subsidiary Intercept Rentals, operates a fleet of proprietary frack water heating units. The company offers its frack water heating services to various oil and gas companies that require heated water for their fracking operations.

For more information, visit www.InterceptEnergy.ca