Process Capital Corp. Announces Financing
21 Febbraio 2008 - 10:55PM
Marketwired
TORONTO, ONTARIO (TSX VENTURE: POR) announces that, subject to
TSX Venture Exchange (the "Exchange") approval and the receipt of
all required regulatory consents, the Company has agreed to sell
10,000,000 units at a price of $0.05 per unit, each unit comprising
one common share of Process Capital Corp. and one warrant to
purchase a common share at a price of $0.10 per common share, for
total proceeds of $500,000 (the "Private Placement"). The proceeds
of the financing will be added to the working capital of the
Company and will fund the development of the Company's new waste
oil micro-refinery to be built at its site in Kingston,
Ontario.
Enviromatrix Technologies Inc. ("Enviromatrix"), the principal
shareholder of the Company, has indicated that it will subscribe to
the full amount of the private placement.
In the event that Enviromatrix subscribes for the full amount of
the Private Placement, Enviromatrix will hold 52,828,742 common
shares of the Company, representing 38.44% of the issued and
outstanding common shares of the Company. The control person for
EnviroMatrix is Anthony Cosentino, its President.
As the subscriber to the Private Placement is an insider of the
Company, it is required to comply with Policy 5.9 of the Exchange
(Insider Bids, Going Private Transactions and Related Transactions)
which incorporates Ontario Securities Commission Rule 61-501,
unless there is an exemption available. The Company expects to rely
upon the Financial Hardship Exemption with respect to the Private
Placement.
Prior to giving effect to the Private Placement, 127,472,574
common shares and 50,000,000 common share purchase warrants of the
Company were issued and outstanding.
At the close of business on 20 February, 2008 the common shares
of the Company were trading at $0.035.
Statements in this release which describe the Company's
intentions, expectations or predictions, or which relate to matters
that are not historical facts are forward-looking statements. These
forward-looking statements involve known and unknown risks and
uncertainties which may cause the actual results, performances or
achievements of the Company to be materially different from any
future results, performances or achievements expressed or implied
by such forward-looking statements. The Company may update or
revise any forward-looking statements, whether as a result of new
information, future events or changing market and business
conditions.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
Contacts: Process Capital Corp. Robert Grimard President and CFO
(416) 622-6600 (416) 622-6628 (FAX) Process Capital Corp. H. John
Stollery Chairman of the Board (416) 622-6600 (416) 622-6628 (FAX)
Email: info@processcapital.ca EnviroMatrix Technologies Inc.
Anthony Cosentino President & CEO (416) 363-0080 (416) 360-0515
(FAX) Email: info@envirotek.ca
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