CanFibre Executes Agreement for Placement of Equity in Financing of Proposed MDF Plants.VANCOUVER, British Columbia--(BUSINESS WIRE)--June 20, 1996--The Canfibre Group Ltd. (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. : CFGL CFGL Community Foundation of Greater Lakeland (Lakeland, FL) CFGL Configuration List ) (The CanFibre Group Ltd., Canadian Dealing Network, symbol-CFGL) The CanFibre Group Ltd. is pleased to announce that an Agreement has been executed with a significant Wall Street financial services firm to act as CanFibre's exclusive agent for the placement of the required equity portion of its proposed funding of two $95 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. CanFibre is arranging the placement of this equity using an instrument based on the projected cashflow expected to be generated by the project without the requirement to issue additional CanFibre common shares. As announced June 12, 1996, CanFibre is currently seeking Tax Exempt Bond 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. The debt underwriting is planned to coincide with the required equity placement. CanFibre engages in the worldwide development of manufacturing plantsto produce high quality wood panel products such as medium densityfibreboard (MDF) from 100 percent recycled dry waste. CanFibre MDFis North America's first "Green" panel board. It is produced frommaterials normally dumped in landfills without the use ofconventional Urea Formaldehyde resins, a growing environmental concern for current MDF producers worldwide. -0- The Canadian Dealing Network 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 800/661-0288 604/685-2426 (Fax) E-MAIL e-mail: see electronic mail. in full electronic mail Messages and other data exchanged between individuals using computers in a network. : canfibre@cyberstore.ca |
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