Bennett Environmental: Closing of $850,000 Convertible Debenture.VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 15, 1997-- BENNETT ENVIRONMENTAL Bennett Environmental TSX: BEV AMEX: BEL is a Canadian company based in Oakville, Ontario. It specializes in the recovering of soils contaminated with chlorinated hydrocarbons, including PCB's and PCP's, Dioxins and Furans. INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (ME BEV.) Bennett Environmental Inc., (BEI Bei (pā, bā), river, c.200 mi (320 km) long, formed by the union of two headstreams in the Nanling Mts., N Guangdong prov., S China. It flows S into the Xi River, E of Guangzhou, to form the Pearl River delta. ), would like to announce the closing of a 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. in the amount of $850,000. The debenture pays interest quarterly, at a rate of 10 percent per annum Per annum Yearly. . The debenture matures and is due on 31/July/2000. It is convertible at price of $1.70 per share. The debenture is secured by all the available tangible and intangible assets of the Corporation. These funds will be used for its phase I upgrade of its thermal remediation facility in St. Ambroise Quebec. This work will be completed by late September 1997. A test burn is currently being carried out at the St. Ambroise plant. A successful test burn, combined with the upgrade of the plant will result in a permit allowing the plant to process special wastes. This will put the Company in a position to complete the contracts worth a total of $3,200,000 mentioned in the last news release. In addition the Company will be able to satisfy the large demand for treating these wastes, which command significantly higher processing fees, than the hydrocarbon contaminated contaminated, v 1. made radioactive by the addition of small quantities of radioactive material. 2. made contaminated by adding infective or radiographic materials. 3. an infective surface or object. material that the plant is currently permitted to accept. This should result in higher income and profitability for BEI. The Company is engaged in the operation, development and manufacture of thermal treatment technology and equipment for the remediation of waste hydrocarbons and hazardous chemicals. The Company's first owned and operated facility in St. Ambroise, Quebec, was opened on September 13, 1996. Bennett's proprietary technology has been approved by the Ministry of Environment in Quebec, Alberta, British Columbia and Alaska. The Company's thermal oxidizers have been sold in Alberta, Alaska and the Caribbean (Aruba). The Company holds the only thermal waste remediation permits for treatment of contaminated soils in Quebec and British Columbia. Bennett Environmental Inc., is listed 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 (BEV). CONTACT: Bennett Environmental Inc. John Bennett, 604/681-8828 E-mail: info@bennettenvironmental.com |
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