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REDLAW INDUSTRIES INC. ANNOUNCES RIGHTS ISSUE

 BRANTFORD, Ontario, Jan. 13 /PRNewswire/ -- Redlaw Industries Inc. (AMEX: RDL) announced today that it is proceeding with its previously announced offering of rights to purchase common stock. The directors announced that shareholders of record on Jan. 18, 1994 will be issued one right for each share of common stock held on such date. Four rights plus US$4.75 will entitle shareholders to subscribe for one additional share of common stock. A maximum of 905,363 shares will be issued.
 The directors also announced that Galtaco Inc., which owns 43.2 percent of the outstanding common shares of Redlaw, has agreed to fully exercise its rights to purchase an aggregate of 391,533 shares and has advised Redlaw that it may exercise an over-subscription privilege for additional shares.
 On or about Jan. 18, 1994, subscription rights certificates will be mailed to shareholders as of the record date. The rights will expire on Feb. 11, 1994. It is expected that the rights will be traded on the American Stock Exchange. The proceeds of the issue will be used by Redlaw for general working capital purposes.
 -0- 1/13/94
 /CONTACT: B.E. Lanning, secretary, 519-751-1691, or Rainer H. Bosselmann, vice chairman, 301-656-0626, both of Redlaw Industries/
 (RDL)


CO: Redlaw Industries Inc.; Galtaco Inc. ST: Ontario IN: MAC SU:

AW-JB -- FL003 -- 1677 01/13/94 08:34 EST
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Publication:PR Newswire
Date:Jan 13, 1994
Words:226
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