Akademia Enterprises Completes Private Placement.CALGARY, ALBERTA--(BUSINESS WIRE)--May 13, 1996--AKADEMIA ENTERPRISES (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :AKP AKP Adalet Ve Kalkinma Partisi (Turkish: Party for Justice and Progress) AKP Arbeidernes Kommunist Parti (Norwegian Political Party) AKP Agjencia Kombetare e Privatizimit .A) Akademia Enterprises Inc. is pleased to announce the completion of a private placement, issuing 1.4 million Class "A" shares and options to acquire a further 700,000 of the same class to Mentors With Money Inc. of Ontario at $0.25 per share, pursuant to an agreement signed between the parties on December 8, 1995, for a total of $350,000. Mentors With Money Inc. has also advanced to Akademia an additional $180,000 as a loan to be repaid in five years. This loan bears interest at 8 percent per annum Per annum Yearly. . The loan has been advanced in substitution of the $650,000 convertible debenture 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. originally agreed upon. -0- NOTE: The Alberta Stock Exchange has neither approved or disapproved the information contained herein. CONTACT: Akademia Enterprises Inc. Meir Porat, 403/262-7387 Stan Cichon, 403/262-7387 |
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