Canhorn Chemical Corporation: US $175,000 Private Placements Completed.TORONTO--(BUSINESS WIRE)--April 30, 1998--Canhorn Chemical Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CNH CNH Carteira Nacional de Habilitação CNH Centro Nacional de Huracanes (Spanish) CNH California Nevada Hawaii (a district of Kiwanis International) CNH Club Náutico Hacoaj .) Canhorn Chemical Corporation ("CanChem") (CNH-TSE) said today that it has completed the sale of 50,000 and 300,000 common shares by way of two private placements each at US$0.50 per share. The private placements were subscribed Subscribed Newly issued securities that an investor has agree to, or stated his intent to, buy in a public offering prior to the issue date. When an investor uses rights, he expects to own the designated number of shares they have subscribed to once the offering is completed. for by Great Horn, Inc. Prior to the transactions Great Horn held 1,245,072 common shares of CanChem (26.4 percent). Subsequent to the transactions, Great Horn now holds 1,595,072 (31.5 percent) of the issued and outstanding shares of CanChem. The proceeds of both private placements totalled US$175,000 and will be used as additional working capital for the increasing operations of CanChem's wholly owned specialty chemical A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. subsidiary, Riba Corporation. CONTACT: Canhorn Chemical Corporation Peter J. Fass, 212/949-4141 or Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. D. Coulter Director, 416/368-3332 |
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