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ProSep stock listing under review; TSX gives firm 120 days to meet requirements

By The Canadian Press  | October 07, 2011
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TORONTO - The Toronto Stock Exchange says it's reviewing the listing for ProSep Inc. (TSX:PRP) and has given the Montreal-based environmental technology company about four months to regain compliance with the market's requirements.

The TSX didn't announce what deficiency had been identified.

The market's warning was issued a day after ProSep announced agreements for a non-brokered private placement of common shares, for $15 million of gross proceeds.

ProSep, which provides the oil and gas industry with processes for treatment of waste water, said it would use net proceeds from the equity financing for commercialization, business development and general purposes.

The financing will come from several sources, including certain members of ProSep's management and Flint Energy Services Ltd.

ProSep also announced Thursday that it has appointed Flint, an equipment and services supplier to the oilsands industry, as its exclusive commercial representative and preferred manufacturer in Canada, except Quebec.

The company's shares traded at 5.5 cents Friday, unchanged from the previous close.

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