Good day; Here is todays news release,It appears things are heading in the right direction for PLT.
Paulo
Pallet Pallet Inc.
PLT TSE
March 6, 1997
Closing of Common Share Offering
TORONTO, March 6 /CNW/ - Pallet Pallet Inc. is pleased to announce that it has closed this morning, a public offering of
16,666,667 common shares at Cdn $0.30 per share, for gross proceeds of Cdn $5.0 million. In addition a further 2,000,000
common shares were issued pursuant to the exercise of an over-allotment option for gross proceeds of Cdn $600,000.
The agents for the public offering were First Marathon Securities Limited and Porthmeor Securities Inc.
The proceeds of the issue are expected to be used to retire existing debt and for working capital. The completion of the
offering also satisfies one of the conditions precedent to a US $22.2 million credit facility with Bank of America Canada and
BankAmerica Business Credit, Inc.
Pallet Pallet Inc. operates North America's largest integrated distribution network for new and recycled wood pallets,
reusable plastic pallets and containers, and related products. The Company is listed on the Toronto Stock Exchange under the
symbol ``PLT''.
For further information: S.M. (Sue) Topping, Secretary / Treasurer, PALLET PALLET INC., 144 Front Street West, Suite
580, Toronto, Ontario M5J 2L7, Tel: (416) 971-7088, Fax: (416) 971-8673 |
