BOW VALLEY INDUSTRIES LTD. ANNOUNCES SHARE ISSUE TO BRITISH GAS (CANADA) LTD.
BOW VALLEY INDUSTRIES LTD. ANNOUNCES SHARE ISSUE TO BRITISH GAS (CANADA) LTD. CALGARY, Alberta, April 16 /PRNewswire/ -- Bow Valley Industries Ltd. (AMEX: BVI; Toronto, Montreal: BVI) announced today that it has issued 2,000,000 Cumulative Redeemable Retractable Floating Rate Class D Preferred Shares, Series 5, with a redemption date no later than June 30, 1997, to British Gas (Canada) Ltd., for an aggregate amount of $50,000,000. The floating rate will be determined quarterly as a percentage of the Bakers Acceptance rate in effect on the first day of each dividend period. British Gas (Canada) Ltd. presently holds approximately 33.3 percent of the outstanding common shares of Bow Valley and approximately 53.7 percent of common shareholders' equity on a fully-diluted basis. The proceeds of this share issue will be used to reduce the company's floating rate indebtedness and to fund ongoing oil and gas operations. -0- 4/16/92 /CONTACT: E.J. Lambert of Bow Valley Industries Ltd., 403-261-6160/ (BVI) CO: Bow Valley Industries Ltd. ST: Alberta IN: OIL SU: OFR
EH-JL -- LA032 -- 9433 04/16/92 15:36 EDT
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|Date:||Apr 16, 1992|
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