Anyone care to speculate on this release? If this has been what brought the stock price down, then isn't it likely to cause the price to rise some? This also may have been what the company was waiting for to release more news and the year end financial statements.
But what do I know, Jon
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Wednesday April 1, 8:29 pm Eastern Time
Company Press Release
Sedna Geotech: Financing Update
VANCOUVER, British Columbia--(BUSINESS WIRE)--April 1, 1998-- Sedna Geotech Inc.(TSE:SOT. - news; VSE:SOT. - news) The Company announces that under the retraction right attaching to its previously issued 4,600,000 special warrants, which allowed holders of special warrants to require the Company to repurchase up to one-half of their special warrants in circumstances where a receipt for a prospectus qualifying the special warrants was not issued by February 25, 1998, a total of 1,229,031 special warrants were retracted prior to the expiry of the retraction period on March 30, 1998.
The Company has filed an Annual Information Form with the British Columbia Securities Commission in accordance with the recently announced blanket order of that Commission as a result of which the common shares underlying the previously issued special warrants are no longer restricted from transfer under the British Columbia Securities Act.
Further, as consideration for the remaining special warrant holders agreeing to waive their right of retraction, the Company has agreed to issue to them a total of 214,194 shares and 835,356 share purchase warrants, such warrants having a term of three (3) years, with each such warrant entitling the holder to acquire one common share of the Company at a price of U.S.$1.13 in the first year and U.S.$1.24 in the second and third years. Under the policies of the Toronto Stock Exchange these securities are subject to a six (6) month hold period.
As a result of the expiry of the retraction right as detailed above, U.S.$1,900,970, together with accrued interest, has been released to the Company by Montreal Trust, the trustee under the Special Warrant Indenture.
ON BEHALF OF THE BOARD OF DIRECTORS OF SEDNA GEOTECH INC.
Hans H. Kuppers, Director
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
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Contact:
Sedna Geotech Inc.
Hans H. Kuppers, 800/685-4458 |
