Divestco raises $3 million from Octagon

New cash injection will finance Divestco’s take-over of International Datashare Corp.

Calgary-based Divestco is to raise $3 million through a private placement from Octagon Capital Corporation. Divestco is a privately held software, web services, oil and gas data, and seismic services company. Octagon has an option to increase the size of its stake to $4 million.

Amalgamation

Closing of the offering is conditional upon completion of the previously announced amalgamation of International Datashare Corp (IDC) and Divestco. The proceeds of the private placement are intended to be used to settle outstanding liabilities of IDC and for ‘general corporate purposes’ of the new company. The amalgamation will be decided at a special meeting of IDC and Divestco shareholders this month.

Popadynetz

Divestco CEO Steve Popadynetz said, “As we integrate the companies and continue to grow, we expect to be able to offer a more complete solution than is available from anyone else in our industry. It is a very exciting time in our company, in our industry and for our customers.”

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