DTI Announces Completion of a $1.5 Million Private Placement Financing With Mercantile Bancorp Limited.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Oct. 31, 2000 DTI Diffusion tensor imaging (DTI) A refinement of magnetic resonance imaging that allows the doctor to measure the flow of water and track the pathways of white matter in the brain. Dental Tech (CDNX CDNX See Canadian Venture Exchange (CDNX). :DTI.) DTI Dental Technologies Inc.(CDNX:DTI.)("DTI"), a leading provider of dental laboratory services, announced the completion of a $1,500,000 private placement financing with BCMC BCMC Building Component Manufacturers Conference BCMC Board for the Coordination of Model Codes (Council of American Building Officials Association) BCMC Broadcast Multicast BCMC British Cable Makers Confederation Capital Limited Partnership I and II (together, the "Partnerships"). The private placement is the second of three tranches totaling $4,000,000. The first tranche in the amount of $1,500,000 closed on April 5, 2000. Subject to the conditions of the agreement (the "Agreement") dated April 5, 2000 between DTI and the Partnerships, DTI may draw down the third tranche of $1,000,000 by giving notice on or before September 30, 2001. The principal amount of the second tranche will be convertible at any time, in whole or in part, into common shares of DTI at a conversion price of $0.90 per common share and will bear an interest rate of 10.35% per annum Per annum Yearly. . Any unconverted balance will mature and be repayable together with any accrued or unpaid interest on April 5, 2005. After December 31, 2001, DTI will have the right to redeem up to 50% of the principal outstanding plus any accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. , subject to meeting certain share price and volume criteria and satisfactory maintenance of certain covenants and financial ratios. DTI plans to use the proceeds of the financing to support its acquisition programs in Canada and the USA and for working capital purposes. Mercantile is a private merchant investment company that specializes in providing capital and advisory services to emerging and mid-sized businesses. Mercantile has been successfully investing in this sector since 1989, focusing its activities primarily in Western Canada and the Pacific North-Western United States. DTI acquires, consolidates and manages dental laboratories that design and fabricate custom dental prosthetics such as crowns, bridges, dentures, implants and orthodontic orthodontic (ôr´th  dän´tik),adj appliances. Demographic trends indicate that cosmetic and restorative dentistry designed to improve aging teeth will continue to grow rapidly in the years ahead. DTI has acquired five dental laboratories in the last eighteen months and is currently evaluating a number of attractive targets. On behalf of the Board Paolo Kalaw, Chief Executive Officer The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has neither approved nor disapproved the contents contained herein. |
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