Just in case you haven't seen these yet: 07/27/1998 21:04:00 / PENDER CAPITAL CORP
PENDER CAPITAL CORP ("PNL-Y;PNDCF-L")
- NEWS RELEASE DATED JUNE 23, 1998 AMENDED
GILBERT KANG, PRESIDENT OF PENDER CAPITAL
CORP ANNOUNCES THAT
FOLLOWING IS AN AMENDED NEWS RELEASE
COVERING ORIGINAL DATED JUNE 23, 1998.
SUBJECT TO REGULATORY APPROVAL, THE
COMPANY HAS ARRANGED A PRIVATE
PLACEMENT OF 100,000 UNITS AT $0.65 PER UNIT.
(ORIGINALLY $0.50) EACH UNIT
IS COMPRISED OF ONE COMMON SHARE AND ONE
WARRANT TO PURCHASE ONE SHARE FOR
TWO YEARS AT A PRICE OF $0.81 PER SHARE.
(ORIGINALLY $0.60 FIRST YEAR AND
$0.70 SECOND YEAR).
THE $65,000.00 PROCEEDS WILL BE USED FOR
GENERAL WORKING CAPITAL
PURPOSES.
TEL: (604) 718-2878 GILBERT KANG, PRESIDENT
TEL: (888) 244-7722
FAX: (604) 718-2879
______________________________________ and........ 08/27/1998 00:00:00 / PENDER CAPITAL CORP
PENDER CAPITAL CORP ("PNL-Y;PNDCF-L")
- POSITIVE DUE DILIGENCE REPORT ON GRANICOR
GREENLEAF JV
- CONVERTIBLE DEBENTURE OFFERING
GILBERT KANG, PRESIDENT OF PENDER CAPITAL
CORPORATION IS PLEASED TO
REPORT THAT THE COMPANY HAS RECEIVED A
POSITIVE REPORT FROM LES
LABORATORIES S.L. (1981) INC., AN INDEPENDENT
GEOLOGICAL ENGINEERING
CONSULTING FIRM RETAINED BY THE COMPANY TO
CONDUCT A DUE DILIGENCE REVIEW
OF THE GRANICOR GREENLEAF QUARRY. THE STUDY
VERIFIED SIGNIFICANT QUALITY
GREEN GRANITE RESERVES SUITABLE FOR THE
FABRICATION OF A BROAD RANGE OF
FINISHED PRODUCTS INCLUDING FLOOR SLABS,
PANELS, MONUMENTS, AND FIRST CLASS
BLOCKS. THE STUDY ALSO CONFIRMED POSITIVE
MARKET INTEREST IN THE GREENLEAF
GRANITE AND STRONG PROFIT POTENTIAL BASED
UPON PRICING IN LINE WITH
COMPETITIVE GREEN GRANITES AND PRODUCTION
COSTS BEING CONSISTENT WITH A
NEARBY QUARRY ALSO BEING OPERATED BY
GRANICOR. PROPERTY TITLES AND
PERMITTING FOR FULL QUARRY PRODUCTION
ACTIVITIES WERE ALSO VERIFIED.
CONVERTIBLE DEBENTURES OFFERING
THE COMPANY HAS ARRANGED THE ISSUANCE OF UP
TO 15 REDEEMABLE 15%
CONVERTIBLE DEBENTURES (THE "DEBENTURE") AT A
PRICE OF $100,000 PER
DEBENTURE FOR TOTAL OFFERING OF UP TO
$1,500,000. EACH DEBENTURE WILL HAVE
THE FOLLOWING TERMS:
(A) CARRIES AN INTEREST RATE OF 15%, BOTH
BEFORE AND AFTER
MATURITY, COMPOUNDED ANNUALLY AND PAID
ANNUALLY CALCULATED NOT
IN ADVANCE;
(B) SHALL HAVE A TERM OF THREE (3) YEARS,
EXPIRING JUNE 30, 2001;
AND
(C) MAY BE CONVERTED IN WHOLE OR IN PART INTO
COMMON SHARES OF THE
COMPANY AT A PRICE OF $0.75 PER SHARE DURING
THE FIRST YEAR,
$1.50 PER SHARE DURING THE SECOND YEAR AND
$2.00 PER SHARE
DURING THE THIRD YEAR.
IN CONSIDERATION OF ARRANGING THE ISSUANCE
OF THE DEBENTURE, THE
COMPANY PROPOSES TO PAY A FINDER'S FEE IN
CASH IN THE AMOUNT OF 10% CASH OF
GROSS PROCEEDS RAISED FROM THE ISSUANCE OF
THE DEBENTURES.
THE PROCEEDS OF THE FINANCING WILL BE APPLIED
TO THE GRANICOR JOINT
VENTURE AND GENERAL WORKING CAPITAL. THE
PRIVATE PLACEMENT IS SUBJECT TO
REGULATORY APPROVAL.
TEL: (604) 718-2878 GILBERT KANG, PRESIDENT
FAX: (604) 718-2879
______________________________________
(C) CORPORATE DISSEMINATION SERVICES INC. ALL
RIGHTS RESERVED. .... also in case you haven't checked,there were 42.5K shares shorted as of the 15th of july.... |
