CUSTOM CRYOGENIC COMPLETES FINANCING.SIMCOE, ONTARIO--(BUSINESS WIRE)--DECEMBER 22, 1994--CUSTOM CRYOGENIC GRIND(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :CR) Custom Cryogenic Grinding Corporation (CCGC CCGC Canadian Coast Guard College CCGC Canadian Coast Guard Cutter ) today announced the closing of a $1 million common 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. raised through a public underwriting managed by Canaccord Capital Corporation. CCGC is issuing 1,111,111 common shares from the public offering. In addition, 1,300,000 common shares have qualified for distribution upon the conversion of CCGC's $1,300,000, 7 percent convertible unsecured subordinate debenture at a price of $1.00 per share. Total net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). , from the share offering and the conversion of the debentures amount to $2,220,000. "CCGC is a successful, profitable and growing Canadian company. The proceeds from the financing and the conversion of the debenture will be used primarily to upgrade and install additional equipment necessary to increase production and reduce existing backlog, as well as to supplement our current working capital. With our proprietary technologies and adequate financing in place, we are now in an even stronger position to capitalize on the rapidly growing waste management market," said Dan Heffernan, President and Chief Executive Officer of the Company. Custom Cryogenic Grinding Corporation is a fully integrated and diversified Canadian reprocessing Reprocessing may refer to:
named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. manufacturer of cryogenically ground rubber and plastic powders due to its unique proprietary system which uses approximately 50 percent less nitrogen than conventional methods. CCGC provides a cost-effective, environmentally friendly alternative of waste handling versus the high transportation and landfill costs currently incurred by many industries. CONTACT: Daniel Heffernan
President and C.E.O.
519/426-5544
or
Lynda Kosalle
Controller
519/426-5544
or
Anne Lachance
Wertheim & Company
416/594-1600
The Alberta Stock Exchange has neither approved nor disapproved this news 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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