Brandevor Enterprises Ltd. announcement.REDMOND, Wash.--(BUSINESS WIRE)--March 3, 1995--Brandevor Enterprises Ltd., "BVE BVE abbr. Black Vernacular English " Toronto, ("Brandevor") is pleased to announce that Standard Securities Capital Corp. of Toronto has agreed to act as agent in connection with the placement of a $500,000 principal amount 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. . The debenture debenture (dəbĕn`chər), document acknowledging indebtedness. In Great Britain a debenture is practically the same as a bond, and debenture stock is similar to preferred stock. has a term of three years and is convertible into units of the company's securities at a price of 15 cents per unit. Each unit consists of one common share in the capital stock of Brandevor together with 0.7 of a share purchase warrant. One warrant entitles the holder to purchase one common share of Brandevor at a price of 20 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for a period of two years from the date of conversion. Interest on the principal amount of the debenture is payable quarterly at a rate of 12 percent per annum Per annum Yearly. . Standard Securities Capital Corp. will receive a commission of 8 percent of the principal amount of the debenture. M. Glen Varty has been appointed chairman of the board of directors. Holders of previously issued debentures totalling $632,000 have converted the principal amounts of their debentures to shares and warrants. This has resulted in the issuance of 2.7 million shares of Brandevor together with warrants to purchase an additional 2.7 million shares. -0- The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. has neither approved nor disapproved the contents of this release. CONTACT: Brandevor, Redmond Robert M. Imeson, 206/881-5095 or 800/787-2739 |
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