Cryopak Announces Completion of $1.65 Million Private Placement.Business Editors/Health/Medical Writers VANCOUVER, Britih Columbia--(BUSINESS WIRE)--Dec. 8, 2003 Cryopak Industries Inc. (TSX-V:CII CII Confederation of Indian Industry CII Chartered Insurance Institute (UK) CII Construction Industry Institute (University of Texas) CII Council of Institutional Investors ) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CYPKF) is pleased to announce that it has closed its previously announced private placement and has raised gross proceeds of $1.65 million. Under the private placement, the Company has issued 5,907,783 million Units at a price of $0.28 per Unit. Each Unit is comprised of one Common Share and one half of a Common Share Purchase Warrant, each full Warrant entitling the holder to acquire one additional Common Share at a price of C$0.37 per share until December 8, 2005. The Common Shares and the Warrants will be subject to a four-month hold period. Finders fees of $28,525 were paid in connection with this financing. A portion of the proceeds from this financing will be used to retire a C$500,000 bridge loan and the balance used for general working capital purposes. As well, the Company has completed the previously announced issuance of 500,000 Common Shares to settle its dispute with the placee of its February, 2003 private placement. The Company also reported that Mr. Robert Fetherstonhaugh, President of Claridge Inc., has advised the Company of his decision to resign from the Board. Claridge Inc. was the lead investor, investing $500,000 in the above private placement and continues to be the Company's largest shareholder. Convertible Loan Agreement The Company also announced today that it has again extended the deadline for the expiry date expiry date expire n → date f d'expiration; (on label) → à utiliser avant ... expiry date expire n → Ablauftermin m for the offer to the holders of the $3.6 million convertible loan agreement (the "CLA CLA, n.pr See acid, conjugated linoleic. ") to amend and restate the CLA. To-date the Company has received certificates representing 51% of the total outstanding dollar amount of the CLA. The deadline was extended to allow additional time to complete the negotiations with representatives of the majority of the remaining certificate-holders. As part of those discussions, management is negotiating a revised extension date. Completion of the amendment is subject to regulatory and other approvals and is conditional upon a minimum overall acceptance of the amended terms by holders representing not less than 80% of the outstanding dollar amount of the CLA. About Cryopak Cryopak Industries Inc. develops, manufactures and markets quality temperature-controlling products such as the premium patented Cryopak Flexible Ice(TM) Blanket, as well as flexible hot and cold compresses cold compress Orthopedics CCs are usually applied intermittently to acutely injured muscle, joints or bone, up to 48 hrs after the initial trauma , gel packs, and instant hot and cold packs. ON BEHALF OF THE BOARD OF DIRECTORS John Morgan John Morgan is a common name, especially in Wales, UK. Well-known people with this name include: Per profession
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ from those expressed or implied by such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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