$10 million agreement between Fonds de solidarite and Park Meditech.MONTREAL--(BUSINESS WIRE)--Jan. 16, 1996--Park Meditech Inc. (the "Company") today announced that it has accepted an offer to enter into a private placement agreement (the "Private Placement Agreement") with Fonds de solidarite des travailleurs du Quebec (FTQ FTQ Fédération des Travailleurs du Québec FTQ First Time Quality FTQ Fetch Target Queue FTQ Fond de Solidarité de La Fédération des Travailleurs du Québec ) (the "Fonds") for the investment by the Fonds of up to $10 million for convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. and common shares. The first part of the private placement involves the placement of convertible debentures in the aggregate principal amount of $5 million repayable in 7 years. The debentures will be convertible, at the Fonds option, into 4,166,667 common shares at a price of $1.20 per share. The second part of the private placement involves the placement of 8,333,333 common shares for proceeds of $5 million. Pursuant to the Private Placement Agreement, Pinetree Capital Inc. ("Pinetree") and Analogic Corporation This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. ("Analogic") have agreed to convert certain indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. owing to owing to prep. Because of; on account of: I couldn't attend, owing to illness. owing to prep → debido a, por causa de them by the Corporation into convertible notes and common shares. Half of the indebtedness is to be converted into convertible debentures with similar attributes to the debentures being placed with the Fonds, and half is to be converted into common shares at $0.60 per share. The indebtedness owed to Pinetree and Analogic which will be converted is approximately $1,500,000 and $2,100,000 respectively. Upon completion of the private placement and conversion of the debentures, the Fonds could own up to 12,500,000 common shares representing approximately 27% of the outstanding shares (based on the current number of common shares issued and outstanding) and would become the Company's largest shareholder. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the private placement will be added to the Company's working capital and assist in the expansion of the commercialization of the digital imaging systems produced by the Company. Completion of the private placement is subject to shareholders' and regulatory approval. The Fonds de solidarite des travailleurs du Quebec (FTQ) is Canada's largest labour-sponsored fund with assets of approximately 1.4 billion. The Fonds is a development capital fund created in 1983 to contribute to the creation and maintenance of jobs in Quebec. With its executive offices in Lachine, Quebec, Canada, Park presently employs approximately 100 people, of whom more than 65 are based in the metropolitan region of Montreal Of Montreal is an American indie pop band formed in Athens, Georgia, fronted by Kevin Barnes. It was among the second wave of groups to emerge from The Elephant 6 Recording Company. . Park Meditech Inc. is a medical technology company that specializes in nuclear medicine imaging nuclear medicine imaging, n the diagnostic imaging field that evaluates organ function by injecting isotopes into a structure and documenting the amount of radiation emanating from the tissues. systems. It has developed and patented a totally digital imaging system which offers significantly improved diagnostic capabilities in the nuclear imaging market. The Company operates worldwide through its subsidiaries in developing, manufacturing and marketing imaging technologies, equipment and related computer systems. CONTACT: C. Richard Mullen, 514/633-9988 or Sheldon Inwentash, 416/941-8900 or Investor Relations Investor relations The process by which the corporation communicates with its investors. , 1-800-595-2357 Internet: E Mail: "pr@parkmed.com" Home page: "http://www.parkmed.com" |
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