E.S.I. Environmental Sensors Inc. (TSXV:ESV) announced a non-brokered private placement of up to 10,000,000 units at CAD 0.05 per unit for gross proceeds of up to CAD 500,000 on March 27, 2014. Each unit consists of one common share and one common share purchase warrant. Each warrant will be exercisable into an additional common share for a period of three years from the closing date. The warrants will be exercisable at a price of CAD 0.10 for the first year following the closing of the transaction, CAD 0.15 for the second year following closing, and CAD 0.20 for the third year following closing. The transaction is subject to TSX Venture Exchange acceptance. Subject to Exchange approval, the company will pay finders' fees in connection with the transaction.

On May 14, 2014, the company announced that it has extended the transaction.


On October 9, 2014, E.S.I. Environmental Sensors Inc. closed the transaction. The company has received gross proceeds of CAD 313,667.45. The company will issue 6,273,349 common shares and 6,273,349 non-transferable share purchase warrants on October 10th, 2014. Avis Financial Corp. the company's majority shareholder invested a further CAD 72,000, purchasing 1,440,000 common shares and 1,440,000 warrants in the transaction. The transaction involved participation from three placees including insiders of the company. Each warrant is exercisable into an additional common share for a period of three years, expiring on October 10th, 2017. The TSX Venture Exchange has accepted filings with respect to the transaction. The company has paid a finder's fee of CAD 24,166.75 to Quantum Economic Development Ltd. All common shares are subject to a four month hold period ending on February 7, 2015. Any common shares issued as the result of the conversion of warrants will also be subject to the same hold period. Avis Financial Corp. now owns 56.4% of the company, a decrease of 1.3% from their prior ownership level.