NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: NATIONAL HEALTHCARE MANUFACTURING CORPORATION
VSE SYMBOL: NHM
NASDAQ SYMBOL: NHMCF
APRIL 6, 1998
National Healthcare Manufacturing Corp. Completes
US$6,750,000 Financing
WINNIPEG, MANITOBA--National Healthcare Manufacturing Corporation
(NHMC) is pleased to announce the completion of a US$6,750,000
private placement through the issuance of 6 percent Convertible
Notes. The Debentures are convertible into Class A shares at a
conversion price of 85 percent of the average closing bid price
for the five trading days immediately preceding the conversion
notice. The notes carry a maximum price of US $3.50 and a rolling
floor price of US $2.50.
The Notes are convertible upon registration with the SEC and 120
days as required by the B.C. Securities Commission. A commission
of 5 percent has been paid in connection with this financing. The
Company is also issuing 337,500 Warrants which are exercisable at
110 percent and 120 percent of the average closing price exercised
within the first year or the second year from the Closing Date.
Mac Shahsavar, President and CEO stated, "This arrangement will
enable us to close the chapter on previous financing by redeeming
the October convertible note holder, and to refocus our attention
on growth both internally and through acquisitions and joint
ventures."
NHMC is rapidly emerging as the market leader in reducing
healthcare costs by providing a comprehensive array of innovative
products and services that incorporate unique techniques, custom
packaging, along with a state of the art supply management
distribution technology.
On Behalf of the Board,
M. Seyed Torabian, P.Eng.
Executive Vice President
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FOR FURTHER INFORMATION PLEASE CONTACT:
National Healthcare Manufacturing Corporation
Alex P. Tsakumis
(604) 689-8581 or 1-800-883-8841
(604) 689-8337 (FAX)
nationalhealthcare.com
Neither NASDAQ nor the VSE have reviewed or accept responsibility
for the accuracy of this release.
INDUSTRY: MDS
SUBJECT: FNC
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