Armstrong Corporation-Proposed Financing.Business Editors TORONTO--(BUSINESS WIRE)--Sept. 11, 2002 Armstrong Corporation ("Armstrong" or the "Company") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:YRM YRM Youth Rights Media (New Haven, CT) ) is pleased to announce that it has received a commitment to provide financing to the Company by way of a convertible subordinated debenture subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before in the amount of $1,500,000 (the "Debenture Financing") from Linlis Developments Limited ("Linlis") acting in conjunction with Inglewood Capital Partners Inc. ("Inglewood"). It is proposed that the proceeds from the Debenture Financing will be used for working capital and general corporate purposes. Completion of the Debenture Financing is subject to and conditional upon settlement of the terms and conditions, legal documentation, approval by the Board of Directors, receipt of all necessary regulatory approvals, and mutually acceptable amendment of the Company's current credit agreement with its bank, including a waiver of historical covenant breaches. Linlis is a privately owned investment holding company. Inglewood is a leading Toronto based provider of financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to mid-market companies contemplating major strategic transactions, including acquisitions, mergers, divestitures, and financing activities. Armstrong operates as a leading Canadian manufacturer, packager, and distributor of specialty chemical A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. products for consumer, institutional and industrial applications, including the sanitation and janitorial supply markets. The Company has a total of 17,780,683 common shares issued and outstanding. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release. |
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