Chai-Na-Ta Announces Closing of Cdn $20 Million (Us $14.7)Million Financing with John Hancock Mutual Life Insurance Co.LANGLEY Lang·ley , Mount A peak, 4,227.9 m (14,026 ft) high, in the Sierra Nevada of southern California. lang·ley n. pl. , British Columbia--(BUSINESS WIRE)--June 19, 1996-- Chai-Na-Ta Corp. (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 : CCCFF TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CC) The Chai-Na-Ta Group of Companies is pleased to announce that it has now closed the CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $20 million financing agreement with John Hancock Mutual Life Insurance Company Inc. that was previously announced in a news release dated May 13, 1996. The financing is in the form of five year senior notes secured by Chai-Na-Ta Farms. The notes will be repaid by redemption payments in the years 1999, 2000, and 2001. The interest rate has been fixed at 10.6 percent per annum Per annum Yearly. for the term. John Hancock and Sutro & Co., the brokering agent, will receive 1,100,000 and 110,000 warrants respectively at an exercise price of CDN $3.20 for a five year period. The proceeds from the financing will be used to retire existing bank operating lines and certain capital leases, and to provide general working capital. Chai-Na-Ta's President and C.E.O., Gerry Gill states, "This financing by John Hancock will provide the company with the working capital to accomplish the next phase of our corporate growth. We will be able to maintain our farm expansion program as well as accelerate the marketing program for our value-added products. These programs will ensure that the Company continues to achieve its goal of revenue and income growth. We are very pleased that John Hancock Mutual Life Insurance has the confidence to share in our corporate growth and vision." Chai-Na-Ta Corp., through its subsidiaries, is the world leader in the cultivation cultivation, tilling or manipulation of the soil, done primarily to eliminate weeds that compete with crops for water and nutrients. Cultivation may be used in crusted soils to increase soil aeration and infiltration of water; it may also be used to move soil to or of ginseng ginseng (jĭn`sĕng), common name for the Araliaceae, a family of tropical herbs, shrubs, and trees that are often prickly and sometimes grow as climbing forms. root and a worldwide marketer of ginseng value-added products. CONTACT: CHAI-NA-TA CORP. Gerry Gill, 604/533-8883 604/533-8891 (Fax), 800/406-7668 or Rob Miller, 604/533-8883, 604/533-8891 (Fax), 800/406-7668 or Russ Vatcher, 604/533-8883 604/533-8891 (Fax), 800/406-7668 or Barretto Pacific Corp. Landon Barretto, 206/583-8370, 206/292-4965 (Fax) Addy Lang, 206/583-8370, 206/292-4965 (Fax) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion