Chai-Na-Ta Corp. & Chai-Na-Ta Farms Ltd. Issue CAD$2 Million Convertible Debenture To Wardley Canada Investment Fund.LANGLEY, British Columbia--(BUSINESS WIRE)--Nov. 17, 1995-- 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) Chai-Na-Ta Corp. ("CNT (Carbon NanoTube) See nanotube. Corp.") announced that it and its 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. , Chai-Na-Ta Farms Ltd. ("CNT Farms"), recently issued a CAD$2 Million Convertible Debenture (the "Debenture") to the Wardley Canada Investment Fund Ltd. (the "Fund"). The Debenture matures on December 31, 1997 and is redeemable at the option of CNT Corp. and CNT Farms prior to March 31, 1996. Redemption may also occur after March 31, 1996 subject to the trading price of Chai-Na-Ta Corp's stock on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. exceeding certain levels. The Debenture is secured by a charge on the assets of CNT Farms and bears interest at the Hongkong Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. prime rate plus 3%. The conversion price is CAD$3.21 per share, and conversion may occur at any time after March 31, 1996. The Wardley Canada Investment Fund is a Vancouver, British Columbia based investment company set up to invest in British Columbia based growth companies. The Fund is owned equally by HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) Capital Canada Inc. and the Province of British Columbia and operates under the B.C. Focus investment initiative. The funds will be used for expenses incurred in the planting of the 1995 ginseng crop and to bridge CNT Farms' funding needs in anticipation of the issue of further Chai-Na-Ta Corp. Convertible Debentures as announced in a News Release dated June 12, 1995. Chai-Na-Ta Corp., through its subsidiaries, is the world leader in the cultivation of ginseng root and a worldwide marketer of ginseng value-added products. CONTACT: CHAI-NA-TA CORP. Gerry Gill, Pres.& C.E.O. Russell Vatcher, Corp. Sec. 800/406-7668 604/533-8883 604/533-8891 (Fax) or INVESTOR RELATIONS Barretto Pacific Corp. Landon Barretto Adele Lang 206/583-8370 206/292-4965 (Fax) REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-236-4266 or 80 |
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