Here's a little news...
Tuesday November 4 1:56 AM EST
Company Press Release
Receptagen Ltd. Update on Scitech Merger
EDMONDS, Wash.--(BUSINESS WIRE)--Nov. 4, 1997--Receptagen Ltd. (TSE:RCG/OTC BB:RCEPF) announced
today it is continuing to negotiate terms of a formal share exchange agreement with the shareholders of Scitech Genetics and
is expected to have a signed agreement in place within the next few days.
This agreement is intended to replace the Sept. 14, 1997, signed ''Letter of Intent.'' Receptagen has made ''good will''
payments to Scitech totaling US$200,000. The Company intends to complete the bulk of its due diligence of Scitech
Genetics before the extraordinary shareholders meeting planned for near the end of the year.
As previously announced, the merged entities intend to raise approximately C$20,000,000 through Credifinance Securities
Limited, a wholly-owned subsidiary of InterUnion Financial Corporation (OTCBB:IUFC).
In a separate update, the Company reports that common share certificates and common share purchase warrants are
currently being issued to the holders of the Special Warrants Units that have elected to convert. These Units are subject to
The Toronto Stock Exchange (TSE) undertakings not to trade the underlying securities until the expiration date of Nov. 22,
1997.
Additionally, the $400,000 bridge debenture entered into with InterUnion earlier this year has been converted into common
shares and common share purchase warrants with an identical TSE undertaking relating to resale provisions of the securities.
NOTE TO EDITORS: The Toronto Stock Exchange has neither approved nor disapproved of the information contained
herein. |
