Standard & Poors
No.12G Reg.823486
For Immediate Release NEWS RELEASE
CEAPRO INC. - PRIVATE PLACEMENT
Edmonton - August 13, 1998-- Ceapro Inc. ("Ceapro") (ASE: CZO) announced today its intention to complete a private placement of up to 4.3 million Units at a price of $0.80 per Unit. The offering is subject to regulatory approval and is expected to generate gross proceeds of a minimum of $1,500,000 and a maximum of $3,000,000. Each consists of one common share and one-half share purchase warrant. Each full purchase warrant will entitle the holder to acquire one common share at a price of $1.00 and may be exercised within two years of closing. As at August 12, 1998 the Company has received subscriptions in excess of the minimum required to close this placement i.e. $1,500,000. The offering is being sold primarily through the directors and officers of the Company, in which case no commissions will be paid. Commissions to a maximum of 5% may be payable to third parties who are at arm's length to the Company in respect of any units sold by that party.
The proceeds from the offering will be used to pay all remaining debt in the Company, including bank debt and unsecured creditors. The balance will be retained and used as working capital for the development and market development of new products.
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For more information contact Ceapro Inc.: Telephone (403) 421-4555
Robert A. Binnendyk, President & CEO
- The ASE has neither approved nor disapproved of the information contained herein |
