Canadian Chemical - Share Capital Restructuring.CALGARY, Alberta--(BUSINESS WIRE)--April 11, 1997--Cdn Chemical (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :CRL CRL - Carnegie Representation Language. Carnegie Group, Inc. Frame language derived from SRL. Written in Common LISP. Used in the product Knowledge Craft. .) Canadian Chemical Reclaiming
Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. , Series A, shareholders of the Corporation shall receive one (1) common share of the Corporation in exchange for each five (5) issued and outstanding Preferred Shares, Series A, of the Corporation. The Corporation further announced that the proposal had previously received overwhelming approval of the Preferred Shareholders of the Corporation, and the conditional approval of The Alberta Stock Exchange in connection with the proposed restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). . Management believes that the conversion of the Preferred Shares, Series A, into a definitive number of common shares of the Corporation will clarify the share capital of the Corporation on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis and eliminate the uncertainty created by the current conversion provisions of the Preferred Shares, Series A. This should allow the Corporation to obtain 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. and pursue other opportunities not previously available to the Corporation. In summary, the following is the previous and new share structure: -0-
PREVIOUS SHARE STRUCTURE
Number of common shares outstanding 12,954,000
Number of preferred shares, Series A, outstanding 23,730,000
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Total on a fully diluted basis (if Preferred
Shares were all earned out) 36,684,000
NEW SHARE STRUCTURE ON CONVERSION OF PREFERRED SHARES
Number of common shares outstanding 12,954,000
Conversion of 5 for 1 Preferred Shares,
Series A, to common shares 4,746,000
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Total number of common shares on a fully
diluted basis 17,700,000
In addition, if outstanding 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. of the Corporation in the principal amount of $610,000, are converted to common shares at $0.40 per common share, the total issued share capital will be 19,225,000 common shares. Subject to the Corporation receiving the final approval of The Alberta Stock Exchange, it is the intention of the Corporation to amend the Articles of Incorporation The document that must be filed with an appropriate government agency, commonly the office of the Secretary of State, if the owners of a business want it to be given legal recognition as a corporation. to implement restructuring of the Preferred Shares, Series A, and to further arrange for the conversion of the Preferred Shares, Series A, of the Corporation into common shares of the Corporation as contemplated by the share restructuring proposal. THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE CONTENTS OF THIS NEWS RELEASE CONTACT: Canadian Chemical Reclaiming Ltd. Mike Fillipoff, 403/543-6698 403/232-0203 (FAX) |
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