Avcorp Announces $4 Million Provincial Financing.VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 2, 1999-- Avcorp Industries(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :AVP AVP arginine vasopressin. .) Avcorp Industries Inc. (AVP on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. ) is pleased to announce that it has entered into an agreement with the Province of British Columbia to borrow CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $4,000,000 by issuing a convertible debenture to be repaid no later than four years from the date the funds are advanced. The funds will be used for working capital purposes. The Debenture will bear interest at commercial market rates. The principal amount of the Debenture will be convertible, at the holders' option, into common shares of the Company at rates which approximate the current market price plus annual escalations. The transaction is subject to regulatory approval and is scheduled to close within 60 days. John Sandford Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. stated that "Avcorp has made significant investments in British Columbia and created additional employment over the last two years. We are pleased to have the support of the Provincial Government in strengthening our balance sheet and enabling us to continue to grow the Company." Avcorp Industries Inc. is a Canadian aerospace industry and advanced technology manufacturer. The Company is a single-source supplier for design, fabrication and assembly of metal, composite and plastic components for global aerospace markets. |
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