Celltech eliminates remaining U.K. unit long-term debt.TORONTO, Ontario--(BUSINESS WIRE)--Nov. 22, 1994--Celltech Media Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CTMIF) ("the Company") of Mississauga Ontario, Canada, today announced that further to its earlier releases of June 16, 1994 and October 28, 1994, the Company has now eliminated the remaining long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. obligations, totaling approximately $3,350,000 Cdn. (1,580,231.20 pounds sterling), of its U.K. subsidiary Cellular Telecom Limited ("CTL See control key. 1. CTL - Checkout Test language. 2. CTL - Compiler Target Language. 3. CTL - Computational Tree Logic "). To obtain the capital necessary to complete this matter and further provide the Company with sufficient ongoing working capital, the Company entered into several private placements with various arms-length parties. Under the terms of the first placement, pursuant to earlier releases, the parties purchased 476,190 Class A subordinate voting shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. (the "Shares") at $1.05 U.S. per Share and received a warrant entitling them to purchase a further 476,190 Shares at $1.15 U.S. per Share. In addition, the Company further completed, subject to regulatory approval, four (4) additional private placements with arms-length, independent parties. Under the terms of these placements, each party is purchasing 650,000 Shares at $0.50 U.S. per Share and is receiving a warrant entitling them to purchase up to a further 650,000 Shares at $0.60 U.S. per Share. The exercise price for these placements is based on current share trading prices Trading price The price at which a security is currently selling. and is consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. with industry standards for large block share purchases. Each of the parties has further agreed that Shares issued under these placements are subject to a minimum eighteen (18) month trading restriction in the Province of Ontario, Canada and to residents of Ontario. In addition, the Shares are also subject to other varying restrictions placed on them by the Company, as well as other international regulatory bodies. The completion of the foregoing private placements has now enabled the Company to eliminate a total of some $7.2 million Cdn. in long- term debt during the current fiscal year. In addition the completion of these announced placements ensures the Company will have sufficient ongoing working capital for the foreseeable future. Celltech Media is traded and quoted on NASDAQ, trading symbol Trading symbol See: Ticker symbol CTMIF. CONTACT: Celltech Media Inc. Frank Midghall, 905/890-6340 |
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