Algonquin Mercantile Corporation Announces Private Placement.TORONTO--(BUSINESS WIRE)--Aug. 3, 1995--ALGONQUIN MERCANTILE (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :AM) Algonquin Mercantile Corporation ("Algonquin") announces that it has agreed to a private placement of 600,000 common shares at $5.50 per common share, to be issued in exchange for 26,613 preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. of Pharmx Rexall Drug Stores Ltd. ("Rexall") held by a private investor, with a redemption value Redemption Value refers to the value that is placed on a party's head after they wrong you in some way. It is seen as the payment you are willing to make to get justice. , including accumulated dividends Accumulated dividend A dividend that has reached its due date, but is not paid out. See: Cumulative preferred stock. accumulated dividend See dividends in arrears. , of $3,300,000. Effective August 1, 1995, the preferred shares will carry a fixed, cumulative annual dividend of $5.00 per share, payable quarterly. The transaction increases Algonquin's ownership of Rexall preferred shares from approximately 51 percent to approximately 82 percent of those outstanding. Separately, Algonquin has issued 41,000 common shares to certain officers and directors who exercised options they held under Algonquin's stock option plan. The number of Algonquin shares outstanding, giving effect to the above transactions, is 6,597,255. Algonquin trades on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol "AM". Through subsidiaries, Algonquin operates divisions in wholesale produce and retail pharmacy markets, with combined annual sales of approximately $130 million. CONTACT: Winston R. Ash Vice President Finance & Secretary (905) 660-7688 |
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