Enterprise Development Announces Approval for Private Placement.CALGARY, Alberta--(BUSINESS WIRE)--Sept. 19, 1996--ENTERPRISE DEVELOPMENT (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :ED) ENTERPRISE DEVELOPMENT CORPORATION announced today that shareholders at its Annual General Meeting unanimously approved a brokered private placement of $2,000,000 of Units of common shares and share purchase warrants. Canaccord Capital Corporation has agreed to act as agent for the offering. Each Unit, priced at $0.40, is comprised of one common share and one-half of a share purchase warrant. Each warrant entitles the holder to acquire one additional common share for a two year period, at $0.50 during the first 12 months, and $0.70 during the second 12 months. Canaccord has advised the Corporation that the offering is fully subscribed Fully Subscribed A situation in which an underwriting firm has successfully sold to investors all of its available issues of a public offering of securities. When the issue is fully subscribed, the underwriter's risk of being undersubscribed (being unable to sell its allotment of . Shareholders also elected two new directors to the Board, Thomas J. Menning, Jr., of Reno, Nevada, and Clive M. Stockdale, of Vancouver, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography . Mr. Menning is Chairman and President of Quest International Quest International was a major producer of flavors and fragrances with sales of £560 million in 2005[1] before its acquisition by rival Givaudan. Quest created and marketed flavours and fragrance concepts and solutions for the fast moving consumer goods industries. Resources Corporation, a Canadian mining exploration company with operations in Canada, the U.S., and Central America Central America, narrow, southernmost region (c.202,200 sq mi/523,698 sq km) of North America, linked to South America at Colombia. It separates the Caribbean from the Pacific. . At Quest, he has engineered a financial turn-around, taking the company from $40 million in debt to in excess of $12 million of cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. in six months. Mr. Menning was formerly president of a private investment company, and served on the Board of Directors of Eisenhower Medical Center The Eisenhower Medical Center of Rancho Mirage, California, USA is the Coachella Valley's only not-for-profit hospital, one of the top one hundred hospitals in the United States in 2005 and the location of the world-famous Betty Ford Center. and as a trustee of National Health Care in the U.S. Mr. Stockdale is a Vice President of Canaccord Capital Corporation specializing in research and analysis of oil and gas companies. He commenced work in the oil industry with Mobil Oil Canada Ltd. In 1970, he entered the investment business, and was employed by Dominion Securities, Loewen Ondaatje and Pemberton Securities prior to joining Canaccord. The Corporation also announced the appointment of Mr. Glen R. Hawker, of Graeme Heights, Barbados, to the Board of its newly-formed, wholly-owned Australian subsidiary, Cadex Petroleum Pty Limited. Mr. Hawker is a private investor, formerly the President and founding shareholder of Enex Gas Limited of Calgary, a natural gas marketing company. EDC EDC See: Export Development Corp. is a junior exploration oil company with operations in Western Alberta and Western Australia. -0- Note to Editors: The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein. CONTACT: Enterprise Development Corporation (Calgary) Garry Kilbourn, 403/237-6950 Larry Wagar, 403/237-6950 Enterprise Development Corporation (Toronto) John Pipe, 416/340-2756 |
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