Printer Friendly

DENOVO CORPORATION ANNOUNCES $5 MILLION EQUITY COMMITMENT

 TORONTO, Ontario, Feb. 9 /PRNewswire/ -- DeNovo Corporation (NASDAQ: DNVOF) announced today that the company has received an equity commitment for a private placement of $5 million (U.S.). The announcement was made by Edward J. Tobin, president of DeNovo Corporation, who noted that the placement is being arranged by Proactive Partners, L.P., a San-Francisco-based merchant bank.
 "As a part of the placement, Proactive will invest $2 million (U.S.) directly, with the remaining $3 million to be placed with other institutional investors," Tobin said.
 Tobin noted that $1 million of this placement was invested in DeNovo on Feb. 8, 1993, with the remainder to be invested upon the closing of the construction financing for DeNovo's Consumers Paper Project, which is scheduled to take place in Spring of this year.
 According to Tobin, the primary use of the proceeds of the private placement will be to complete the financing of the Consumers Paper Project. Consumers Paper is a $54 million (Canadian) wastepaper deinking and tissue manufacturing facility currently under development in Redcliff, Alberta. The planned facility, whose construction will commence during the second quarter of this year, will convert office waste to consumer products, such as toilet paper, toweling and napkins, through the use of the patented steam explosion recycling process developed by Stake Technology, Ltd., and Chesapeake Paper Corporation. Consumers Paper is expected to begin the first phase of its operations in the fourth quarter of 1993, and to be fully operational early in 1994.
 -0- 2/9/93
 /CONTACT: Beverly Jedynak of Martin E. Janis & Company, Inc., 312-943-1100, for DeNovo Corporation/
 (DNVOF)


CO: DeNovo Corporation ST: IN: SU:

KK -- CL004 -- 4444 02/09/93 08:04 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 9, 1993
Words:279
Previous Article:NORFOLK SOUTHERN ANNOUNCES LOCATION OF NEW CUSTOMER SERVICE CENTER
Next Article:FAIRFIELD INN BY MARRIOTT TOP ECONOMY CHAIN IN BUSINESS TRAVEL NEWS SURVEY
Topics:


Related Articles
SOUTHERN ELECTRIC INTERNATIONAL NAMED FINALIST FOR POWER PROJECT
TRIAD ANNOUNCES MAJOR DEBT RESTRUCTURING AND EQUITY INFUSION
DENOVO CORPORATION ANNOUNCEMENT
DeNOVO CORPORATION ANNOUNCES INTENT TO ACQUIRE TELECONCEPTS INTERNATIONAL INC.
DENOVO CORPORATION ANNOUNCES COMPLETION OF AGREEMENT TO ACQUIRE TELECONCEPTS INTERNATIONAL INC.
L.L. Knickerbocker to Invest $2 Million in Pure Energy Corp. $5 Million Private Placement
Chancellor Signs Agreement to Fund African Subsidiary
Smith & Wesson Holding Corporation Retires $15 Million Short-Term Debt - Company Receives New $5 Million Equity Investment -.
Mymetics Receives $5 Million Financial Commitment From Cornell Capital.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters