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CHALLENGER INTERNATIONAL ANNOUNCES PROPOSED PUBLIC OFFERING

 CHALLENGER INTERNATIONAL ANNOUNCES PROPOSED PUBLIC OFFERING
 HAMILTON, Bermuda, June 10 /PRNewswire/ -- Challenger International, Ltd. (NASDAQ: CSTIF), announced today that it intends to settle certain outstanding indebtedness of its wholly owned subsidiary, Savage Arms Inc., and to raise capital through the issuance of additional common stock (designated as special restricted voting shares in Canada) to creditors and to the public in an underwritten offering in Canada and the United States.
 Challenger has filed a preliminary prospectus with the Ontario and British Columbia securities commissions and has filed a registration statement with the Securities and Exchange Commission in the United States in respect of a proposed public offering. Challenger intends to raise approximately $3,500,000 through the public offering of the shares of common stock (designated as special restricted voting shares in Canada) at a price per share to be determined prior to filing the final prospectus. The price of each share shall be determined by negotiation between Challenger and the underwriter.
 Challenger stated that it has received a letter of intent from L.O.M. & Associates ("LOM"), a division of L.O.M. Western Securities Ltd., which contemplates the entering into of an underwriting agreement with LOM subject, among other things, to normal regulatory clearance of the preliminary prospectus and the satisfactory renegotiation of Savage Arms' long-term debt.
 A registration statement relating to these shares has been filed with the Securities and Exchange Commission but has not yet become effective. These shares may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The preliminary prospectus relating to these shares may be obtained from: Challenger International, Ltd., Reid House, 31 Church St., Hamilton HM FX, Bermuda.
 -0- 6/10/92
 /CONTACT: Challenger International public relations, 809-295-8639/
 (CSTIF) CO: Challenger International, Ltd.; Savage Arms Inc. ST: IN: SU: OFR


GK-PS -- NY057 -- 8896 06/10/92 14:41 EDT
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Publication:PR Newswire
Date:Jun 10, 1992
Words:368
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