PacRim settles debt; raises cash; loses president
2003-10-10 10:28 MT - News Release
Mr. John Bottomley reports
PACRIM ANNOUNCES CLOSING OF DEBT SETTLEMENT AND PRIVATE PLACEMENT AND RESIGNATION OF PRESIDENT
Further to news in Stockwatch Sept. 4, 2003, PacRim completed debt settlements with three arm's-length and two non-arm's-length parties to issue a total of 6,034,787 common shares with an effective price of 22.5 cents to settle $1,357,827.17 in advances made to PacRim by these parties.
These shares will be legended and restricted from trading until Oct. 8, 2004.
PacRim also wishes to announce that it has completed a private placement of 500,000 common shares priced at 17.65 cents per share with an arm's-length party. These shares will be legended and restricted from trading until Sept. 27, 2004.
In other news, PacRim wishes to announce the resignation of Ken Baird as president of the company effective Sept. 30, 2003. The board of directors of PacRim extends its best wishes to Mr. Baird in his future endeavours. PacRim is currently in the process of recruiting a new president. |
