Avcorp Announces Closing of Private Placement.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--April 25, 2002 Avcorp Industries Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :AVP AVP arginine vasopressin. ) today announced it has received conditional listing approval from the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. for its previously announced private placement. On April 25, 2002, Working Opportunity Fund (EVCC EVCC East Valley Children's Center (Tempe, AZ) ) Ltd. ("WOF") acquired 590,560 common shares of the Company at a price of $1.40 per common share for total consideration of $826,784. The proceeds of the financing will be used for general working capital and to reduce bank operating line utilization. Prior to the closing of the private placement, WOF was the beneficial owner Beneficial Owner A person who enjoys the benefits of ownership even though title is in another name. Notes: For example, when shares of a mutual fund are held by a custodian bank or when securities are held by a broker in street name, the true owner is the beneficial of an aggregate of 2,081,667 common shares of the Company (representing approximately 14.15% of the issued and outstanding shares of the Company, on an undiluted basis). As a result of the private placement, WOF now owns an aggregate of 2,672,227 common shares of the Company, representing approximately 17.47% of the issued and outstanding common shares of the Company. WOF also holds warrants to purchase an additional 130,000 common shares at a price of $1.75 per common share exercisable until February 15, 2003 and a $2,500,000 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. which is due on March 30, 2003 and which is convertible at any time by WOF into common shares of the Company at a price of $4.00 per common share. WOF has acquired these common shares for investment purposes only. Although it is not anticipated at this time, WOF may make further purchases of common shares of the Company for investment purposes only. Avcorp Industries Inc. is a Canadian aerospace industry manufacturer. The Company is a single-source supplier for design, machining, fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. and assembly of metal, composite and plastic components for global aerospace markets and comprises of two divisions: Aerostructures Division in British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography and the Integrated Products Division in Quebec. Working Opportunity Fund (EVCC) Ltd. is a venture capital fund located at Suite 2600, 1055 West Georgia Street Georgia Street, more officially West Georgia Street or Georgia, is arguably the most important street in Downtown Vancouver. It serves as the one of the primary streets for the financial and central business districts and is the major transportation corridor , PO Box 11170, Vancouver, British Columbia, V6E 3R5. GrowthWorks Capital Ltd. is the manager of Working Opportunity Fund (EVCC) Ltd. Certain statements in this press release that are not purely historical constitute forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, including statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future. The information in this press release is based on information available to the Company as of the date hereof and the Company assumes no obligation to update any such forward-looking statements. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. Such risks include, among others, general business and economic conditions and competitive actions as well as other risks and uncertainties. JOHN H. NICHOLSON, President and Chief Executive Officer |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion