Bridge Financing Announced By Rtica Corporation.Business Editors TORONTO--(BUSINESS WIRE)--April 18, 2002 Rtica Corporation ("Rtica") (CDNX CDNX See Canadian Venture Exchange (CDNX). :RTN RTN Return RTN Raytheon Company (stock symbol) RTN Research Training Network RTN Rotarian RTN Routing Transit Number RTN Recursive Transition Network RTN Register Transfer Notation RTN Radial Tangential Normal ) announced today that it has secured $340,000 in bridge financing Bridge Financing A method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations. Notes: These funds are usually supplied by the investment bank underwriting the new issue. for general working capital purposes. The proceeds have been advanced to Rtica in tranches of $150,000 and $190,000 respectively, both amounts to bear interest at the rate of 15%. The latter advance is secured by a General Security Agreement over Rtica's assets. A total of 80,000 common shares were allocated to the lenders as an inducement to advance the funds. The loans are repayable in 6 months, or earlier in the event that Rtica raises at least $700,000 in additional equity. The hold period on the share allocation expires on August 16, 2002. Rtica is in on-going discussions with investment dealers to undertake the substantial equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. necessary to enable its subsidiary, Rtica Inc, to enter into full commercial production. "We couldn't be more prepared to take RTICA(R) insulation to market", says Warren Arseneau, President. "Our technology is ready to go today, and both the industry and consumers are buying in Buying in has several meanings. In the securities market it refers to a process by which the buyer of securities, whose seller fails to deliver the securities contracted for, can 'buy in' the securities from a third party with the defaulting seller to make good. to our basic message, that conservation is a capital efficient alternate energy. That's especially so when the return on investment for greater levels of insulation only gets better as energy costs increase. It's why we say our revolutionary product, RTICA(R), is the Next Generation of insulation". RTICA(R) is a new generation of insulation made by a proprietary technology that converts 100% recycled plastic (PET) into a bulked-up, fibrous fibrous /fi·brous/ (fi´brus) composed of or containing fibers. fi·brous adj. Composed of or characterized by fibroblasts, fibrils, or connective tissue fibers. form. It will be distributed first to professional contractors as a blowing wool for blown-in-place applications, such as attics. RTICA(R) in the more familiar form of batts will follow soon after. Rtica Corporation is a public company whose shares trade on the CDNX exchange, symbol RTN. There are 35,039,636 shares outstanding. The corporate web site can be found at www.rtica.com. The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion