Phase Separation Solutions Inc.

WMT Again Extends Expiry Date for Transaction with Jereh International Investment (Group) Company Limited

0

Source: Phase Separation Solutions Inc.

Calgary, Alberta - January 31, 2014 - West Mountain Capital Corp. (the 'Company* or 'West Mountain') announces that it has executed a second amendment {'Amendment No.2') to the binding heads of agreement {'Heads of Agreement') with Jereh Energy Services Corporation ('Jereh') of Yantai, China that extends the expiry date of the Heads of Agreement to 12:00 pm Newfoundland Standard Time on February 28 , 2014.

'With the Chinese New Year celebrations beginning today there just has not been enough time to complete all of the negotiations necessary/ said Paul Antle, President and CEO, 'we will be ready to re-commence negotiations on the definitive agreements again on February 10th when most businesses return to operation.'

The Company advises that through the course of negotiations the structure of the investment to be made by Jereh in the Company has changed. It is now anticipated that the investment will be comprised of the sale of {i) 15,474,074 common shares of the Company at the price of C$0.27 per share for proceeds of C$4,178,000 and (ii) a 6.5% secured convertible bond {the 'Bond') of the Company in the aggregate principal amount of US$3,000,000 issued at par. The Bond and accrued interest would be due and payable on the second anniversary of date of issue. The principal amount of the Bond would be convertible at the option of Jereh prior to maturity at the conversion prices of C$0.32 and C$0.50 per share during the first year and second year of its term respectively.

In addition to conditions customary for transactions of this nature, the completion of the Transaction is conditional upon the following: (a) the completion by West Mountain, Jereh and their respective advisors of 'due diligence' investigations satisfactory to the parties in their respective sole discretion; {b) the entering into of definitive binding agreements providing for the various transactions that comprise the transaction with Jereh; and {c) the Company receiving all necessary consents and approvals, including approval by the TSX Venture Exchange. The definitive agreements providing for the Transaction are expected to be finalized and executed by the parties on or before February 20m. 2014.

About West Mountain
West Mountain is an established Canadian environmental solutions company specializing in the thermal treatment of a variety of hazardous and non-hazardous waste streams. It employs a unique indirectly heated, closed loop technology that allows it to extract even the most hazardous contaminants from soil, industrial sludge, pharmaceutical waste and consumer waste streams converting much of it into reusable oil and synthetic natural gas that it uses to sustain the process. This methodology offers significant opportunity for greenhouse gas reduction over traditional hazardous waste destruction technologies. The Company's management team maintains expertise in hazardous waste management, Brownfieid remediation and pharmaceutical waste management with experience spanning North America and 15 countries internationally.

Customer comments

No comments were found for WMT Again Extends Expiry Date for Transaction with Jereh International Investment (Group) Company Limited. Be the first to comment!