CHENI RESOURCES COMPLETES A PRIVATE PLACEMENT.VANCOUVER, BC--(BUSINESS WIRE)--APRIL 5, 1995--CHENI RESOURCES INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. .(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CHB ) CHENI RESOURCES INC. ("the Company") reports that on March 31, 1995, the Company completed a private placement of 2,602,460 common shares for cash proceeds of $2,169,283 or $0.834 per share, to MINE OR S.A., an affiliated company. The share issuance was made in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the terms of a Subscription Agreement among the Company and two affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. , Cheni S.A. and MINE OR S.A., pursuant to which MINE OR S.A. has agreed to acquire up to a total of 9,151,815 common shares of the Company from time to time until 1996. Under the terms of the Subscription Agreement, shares will be issued to MINE OR S.A. from time to time for a price that is the greater of $0.71 per share or the Canadian equivalent of FF 3.33 per share. MINE OR S.A. has advised the Company that it has agreed to sell 50% of the shares issued (being 1,301,230 common shares of Cheni Resources Inc.) to a company in the Gencor group. After completing this sale, the BRGM BRGM Bureau de Recherches Géologiques et Minières (France) group, which includes MINE OR S.A., will hold 8,178,342 shares, or 40.6%, of the Company's issued capital stock, while the Gencor group will hold 7,426,072 shares, or 36.8%, of the Company's issued capital stock. The proceeds of the share issue will be used to repay $1.58 million of long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and for general operating purposes. Such payment will reduce the Company's long-term indebtedness to its principal banker and certain trade creditors to $1.72 million. The Company expects to complete another private placement under the terms of the Subscription Agreement in the third quarter of this year for a similar amount of funds from which an additional $1.5 million of long-term debt will be repaid. Regarding other financial matters, Cheni S.A. did not exercise by March 31, 1995 its options (which had been granted pursuant to the terms of the Subscription Agreement) to purchase 3,715,000 common shares of the Company at $0.50 per share . Accordingly, under the terms of the Subscription Agreement, such options are now exercisable by Cheni S.A. until March 31, 1996 at an exercise price of $0.75 per share. R.G. McMorran, C.A. Secretary CONTACT: R.G. McMorran, C.A. Secretary Tel: 604/688-2321 Fax: 604/684-0642 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 information contained in this press release. REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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