Avcorp Announces an Agreement for Private Placement of Common Shares.VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 23, 1996--(ME: AVP AVP arginine vasopressin. ) Avcorp Industries Inc. of Montreal Of Montreal is an American indie pop band formed in Athens, Georgia, fronted by Kevin Barnes. It was among the second wave of groups to emerge from The Elephant 6 Recording Company. (AVP on the Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg ) announced today that it has entered into an agreement on an agency basis with Gordon Capital Corp. and Yorkton Securities Inc. for the issue of up to 2,100,000 common share units at a price of $3.90 per unit. Each unit also carries 0.7 of a warrant which entitles the holder of each whole warrant to purchase an additional common share at $4.35 for a period of one year after closing of the private placement. The Company anticipates closing this placement on or before the end of October 1996. An existing shareholder, Pantic Investors Ltd. currently owning 15 percent of the Company's common shares, will purchase 900,000 units of the proposed issue, subject to a hold period. Pantic will then sell 900,000 free trading common shares from its current holdings at the same time and price to the agents of the private placement. The private placement agreement provides for agents warrants equal to 5 percent of the initial shares offered and a finders fee on this placement will be payable. The proceeds from this offering will further enhance the working capital of the Company and allow for investment in new equipment for the increased customer offload To remove work from one computer and do it on another. See cooperative processing. already underway. The private placement which is anticipated to include several institutional purchasers is subject to approval by the Company's Board of Directors, the obtaining of applicable securities and regulatory approvals including the Montreal Stock Exchange Montreal Stock Exchange See Bourse de Montreal, Inc. (Canadian Derivatives Exchange) . Avcorp Industries Inc. is a Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. aerospace industry manufacturer. The Company is a single-source supplier for design, fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. and assembly of metal, composite and plastic components and is made up of four divisions: Aerostructures, Composites, Metal Products and Engineering. CONTACT: Avcorp Industries Inc. Peter D. Jeffrey, 604/278-4204 604/278-8346 (fax) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion