CanFibre Executes Agreement For Placement Of Project Debt.VANCOUVER, British Columbia--(BUSINESS WIRE)--June 12, 1996-- CANFIBRE GROUP LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . (CANADIAN DEALING NEWTWORK: CFGL CFGL Community Foundation of Greater Lakeland (Lakeland, FL) CFGL Configuration List ) Pursuant to CanFibre's April 25, 1996, announcement relative to the financing of each of its proposed $100 million MDF (1) (Main Distribution Frame) A wiring rack that connects outside lines with internal lines. It is used to connect public or private lines coming into the building to internal networks. facilities in 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 State and California, The CanFibre Group Ltd. is pleased to announce that an Agreement has been executed with a prominent Wall Street financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. firm to act as CanFibre's exclusive underwriter and placement agent for the sale of Tax Exempt Bonds for both proposed locations. CanFibre anticipates being able to qualify for allocation of Tax Exempt Bonds in both States as a means of funding debt requirements necessary for construction. Tax Exempt Bonds are conventional debt instruments purchased either by individuals or institutions with the simple exception that the purchasers of these bonds do not pay taxes on the interest that is earned. Accordingly, the bonds tend to bear a rate of interest only marginally above T-bill rates and the maturity of the bonds usually exceeds 20 years. Each State is limited by the federal government to a maximum amount of these special bonds that can be issued each year. Accordingly, any firm wishing to use this method of financing must first receive an "allocation" from the State before issuing them. CanFibre is currently seeking such allocation in both New York State and California. CanFibre has been advised, once an allocation is received, a normal period of 60 to 90 days is required to complete documentation, place the bonds, close financing and begin construction. Simultaneously, CanFibre is arranging the placement of equity for the projects using an instrument based on the projected cashflow expected to be generated by the project without the requirement to issue additional CanFibre common shares. CanFibre expects to complete this process in parallel to the raising of debt described above. CanFibre engages in the worldwide development of manufacturing plants to produce high quality wood panel products such as medium density fibreboard fibreboard Noun a building material made of compressed wood Noun 1. fibreboard - wallboard composed of wood chips or shavings bonded together with resin and compressed into rigid sheets fiberboard, particle board (MDF) from 100 percent recycled dry waste. CanFibre MDF is North America's first "Green" panel board. It is produced from materials normally dumped in landfills without the use of conventional Urea Formaldehyde resins, a growing environmental concern for current MDF producers worldwide. -0- The Canadian Dealing Network Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. neither approves nor disapproves the contents of this News Release. CONTACT: The Canfibre Group Ltd. Investor Relations Investor relations The process by which the corporation communicates with its investors. Department, 604/685-2430 604/685-2426 (Fax) 800/661-0288 canfibre@cyberstore.ca (E-mail) |
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