Canhorn Chemical Corporation -- US$306,000 Private Placement.TORONTO--(BUSINESS WIRE)--July 14, 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 ) said today that it has negotiated the sale of 612,000 common shares by way of a private placement at US$0.50 per share. The transaction is subject to regulatory approval. The proceeds of US$306,000 will be used in part for capital expenditures at the existing facilities of Riba Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , to accommodate the planned increases in production resulting from the recently announced acquisition of the business and assets of Fairfield Fairfield. 1 City (1990 pop. 12,200), Jefferson co., N central Ala., an industrial suburb of Birmingham; inc. 1919. Founded (1910) by the United States Steel Corp., its steel industry has greatly declined, negatively affecting the city's economy. Technologies Inc. The balance of the proceeds will be used as additional working capital.
CONTACT: Canhorn Chemical Corporation
Peter J. Fass, 212/949-4141
or
Michael D. Coulter, 416/368-3332
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