May 10, 2010 (FinancialWire) — ProSep Inc. (TSX: PRP), a provider of process solutions to the oil and gas industry, said that it has closed a tranche of a private placement reported on May 6. The company said it issued 20,384,616 common shares at a purchase price of $0.13 for gross proceeds of around $2.65 million.

ProSep said it will use the proceeds from the private placement for working capital purposes.

The issued common shares have a restricted "hold" period of four months from the date of closing of the private placement.

Canada-based ProSep designs, develops, manufactures and commercializes technologies to separate oil, water and gas generated by oil and gas production.

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