CanFibre of Riverside, Inc. -- Financial Closing Update.TORONTO, Ontario--(BUSINESS WIRE)--June 26, 1997--Pursuant to its May 15, 1997 announcement, 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. , symbol: CFGL CFGL Community Foundation of Greater Lakeland (Lakeland, FL) CFGL Configuration List .), would like to update the financial closing timing expectations regarding CanFibre's Riverside, California 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. facility as follows: The Preliminary Limited Offering Memorandum Offering Memorandum A legal document stating the objectives, risks, and terms of investment involved with a private placement. Notes: The private placement of hedge funds necessitates the issue of memorandums. was distributed to investors by CanFibre's underwriter on May 30, 1997. The anticipated financial closing is now July 10, 1997 and is subject to minimal further delays due to the volume of documents which require execution. Such potential delays are not expected to infringe on the July 17, 1997 deadline established by the California Pollution Control Financing Authority as the date which the allocation to issue bonds was granted. Over the last several weeks, more than 60 qualified institutional buyers (QIB's) have been approached to participate in the underwriting. Collectively, a portion of this investment group have requested further due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and some modifications to the financial structure. Accommodating these changes will require several days to revise the more than 80 documents required for signing and closing, but these changes will not affect the overall profitability and viability of the project. 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. Shares outstanding: 7.2 million -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 (604) 685-2426 (FAX) 1-800-661-0288 Toll Free e-mail: canfibre@cyberstore.ca |
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