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Gold/Mining/Energy : CEAPRO INC.----CZO -- Ignore unavailable to you. Want to Upgrade?

To: PJ who wrote (6)	3/26/1998 7:14:00 AM
From: fivedollar	Respond to of 53

Creditors accept restructuring plan Ceapro Inc CZO Shares issued 16922019 1998-03-25 close $1.25 Thursday Mar 26 1998 Mr Robert Binnendyk reports The company's unsecured creditors voted on March 25 1998 to accept its debt restructuring plan. 99.8% of the voting creditors agreed to accept the company's proposal, which provides for payment of one-third in cash and two-thirds in shares on claims totalling approximately $5 million. As previously announced, Ceapro is presently offering special warrants on a private placement basis at $1.03 per special warrant to a maximum of $10 million. This includes approximately $3.5 million due to Saskatchewan government growth fund, which had previously agreed to convert its preferred shares in Canamino Inc, Ceapro's wholly owned subsidiary, into special warrants in the Ceapro placement, subject to Ceapro raising sufficient new cash in its offering. Each special warrant entitles the holder to acquire one share at no additional cost and a half warrant. Each full warrant will entitle the holder to acquire one share at $1.50 and may be exercised within two years of closing. The company intends to file a prospectus immediately following the closing to qualify the shares and warrants issuable upon conversion of the special warrants. 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 special warrants sold by that party. As a result of the offering, including the conversion of the class B preferred shares of Canamino Inc and the restructuring of the unsecured debt, the company expects to issue a maximum of 13 million shares. It will have no debt other than approximately $3.0 million in bank term debt and will retain approximately $4.0 million in cash to provide working capital and enable final commercialization of its products. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)