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REDLAW INDUSTRIES INC. ANNOUNCES RIGHTS ISSUES

 BRANTFORD, Ontario, Oct. 5 /PRNewswire/ -- Redlaw Industries Inc. (AMEX: RDL) announced today that it will issue rights to the holders of its common shares to raise approximately US$4 million at a subscription price of US$5.00 per share. The company is in the process of obtaining necessary regulatory approvals.
 The company announced that shareholders of record on Oct. 7, 1993 will be issued one right for each share of common stock held on such date. Nine rights plus US$10.00 will entitle shareholders to subscribe for two additional shares of common stock. A maximum of 799,400 shares will be issued.
 The company also announced that Galtaco Inc., which owns 43.5 percent of the outstanding common shares of Redlaw, has agreed to fully exercise its rights to purchase an aggregate of 348,030 shares and has advised Redlaw that it may exercise an over-subscription privilege for additional shares.
 The rights will expire on Nov. 5, 1993. It is expected that the rights will be traded on the American Stock Exchange. The proceeds of the issue will be used by Redlaw to reduce its liabilities.
 -0- 10/5/93
 /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:

RK-AW -- FL005 -- 8812 10/05/93 11:03 EDT
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Publication:PR Newswire
Date:Oct 5, 1993
Words:230
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