CalciTech Announces Private Placement.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--Feb. 28, 2002 CalciTech Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CLKTF; CDNX CDNX See Canadian Venture Exchange (CDNX). :CLK CLK Clock CLK Clerk CLK CDC2-Like Kinase CLK Corel RAVE (file extension) CLK Chep Lap Kok (Hong Kong airport) CLK Ceska Lekarska Komora (Chech) ) announces the Board of Directors have approved a private placement of mixed securities to raise US$ 2.0 million on the following terms: The issue of 7 1/2% convertible debentures 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. with interest payable on usual quarter days and convertible into common shares at investors option after two years at the greater of 75% of the average closing price for the ten trading days prior to the conversion or the market price per share at the time of closing. The investor shall also receive 20,000 warrants for every US$100,000 invested exercisable for a two year period at 125% of the closing average offer price for the previous ten trading days. Also an issue of common shares at a discount of ten percent to the market average offer price for the previous ten trading days, with the issue for each share taken down of a twelve month warrant for one additional share at a premium of 20% to the strike price. Shares issued will be subject to a hold period. A finders fee of 5% and 1,000 common stock purchase warrants per US$100,000 invested is payable. Under the terms of its working capital convertible credit facility, CalciTech further announces that Epsom Investment Services has served notice to convert US$ 450,000 of its loan into CalciTech common shares. The shares will be issued at a conversion price of 80% of the average closing price of the preceding ten trading days and will bear a legend restricting them from trading. Epsom Investment Services confirm that the investors have a long term interest in the company and do not intend to sell their shares at this time. All issues are subject to approval by 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) . CalciTech continues to focus on the development of its environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] technology for the production of Precipitated Calcium Carbonate calcium carbonate, CaCO3, white chemical compound that is the most common nonsiliceous mineral. It occurs in two crystal forms: calcite, which is hexagonal, and aragonite, which is rhombohedral. , which has potential applications in a wide range of markets. For More Information, visit www.CalciTech.com or contact: Claire Homburg, Investor Relations Investor relations The process by which the corporation communicates with its investors. Officer Tel: +33 450 428 095 Fax: +33 450 405 961 Email: info@calcitech.com This press release contains forward-looking statements which are subject to a number of contingencies and uncertainties, including but not limited to, market acceptance for CalciTech products, manufacturing of CalciTech products in a commercial setting, obtaining adequate financing and construction management for products and obtaining appropriate permits. Such forward-looking statements are not guarantees of future performance, and are based on numerous assumptions about future conditions that could change. No Stock Exchange has reviewed or accepted responsibility for the adequacy or accuracy of this press release. |
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