Mario, looks like I'm the only one left..........
>>MOND COMPLETES RIGHTS OFFERING
MISSISSAUGA, ONTARIO-- Mond Industries Inc. ("Mond") today announced that it has completed a rights offering to its shareholders. The rights offering was fully subscribed, resulting in the issuance of 8,975,000 common shares for gross proceeds of $2,782,250. Under terms of the offering, shareholders of record on June 17, 1999 were entitled to one right for each common share held. Four rights entitled the rights holder to subscribe for one common share at the subscription price of $0.31 per share. The rights expired at 4:00 p.m. (Eastern Standard Time) on Friday July 9, 1999. First Marathon Securities Limited acted as dealer manager in connection with the rights offering. The net proceeds of the offering will be used primarily to finance the expansion of the Company's manufacturing capacity at its Mississauga, Ontario plant and improve plant productivity, with the balance to be used for working capital.
Mond recently completed the redesign and expansion of its manufacturing facilities and expects to reach full production capacity by March 2000.
Trailmobile Corporation, through its wholly owned subsidiary 1314385 Ontario Limited, subscribed for 5,820,084 common shares, representing both its pro rata share of the rights offering and the exercise of its "Additional Subscription Privilege" that was available to all shareholders. As a result of the rights offering, Trailmobile Corporation increased its shareholdings in Mond to 25,320,084 common shares representing approximately 56.4% of the issued and outstanding common shares of Mond. Trailmobile Corporation has no current intention of acquiring additional common shares, but may do so depending on the circumstances. <<
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