Seair Inc.(SDS:TSX Venture Exchange) announce that it has completed the second tranche closing of a non-brokered private placement described in its press release dated January 12, 2012. A total of 191,589 units (each a "Unit") were issued at $1.07 per Unit at this closing. Each Unit consists of one common share and one common share purchase warrant exercisable at $1.34 until January 1, 2014. The completion of the private placement is subject to final approval from the TSX Venture Exchange.
The Company also announces that it has agreed to enter into a shares for debt transaction with the private placement subscriber in connection with cash advances made by the subscriber to the Company prior to commencement of the non-brokered private placement. The advances total $375,000, to be settled via the issuance of Units, at a deemed price of $1.07 per Unit. Total subscriptions to date by the subscriber, including the shares for debt transaction, will be $655,000.
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