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Gold/Mining/Energy : Delicious Alternative Desserts Ltd. (DD) -- Ignore unavailable to you. Want to Upgrade?

To: John Wright who wrote (81)	3/30/1999 9:50:00 PM
From: Don Johnstone	Read Replies (1) \| Respond to of 129

$2.75M financing @ 23.5%/annum! www2.cdn-news.com ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ FOR FURTHER INFORMATION PLEASE CONTACT: Delicious Alternative Desserts Ltd. Mr. Robert Harrison (905) 662-4934 or Delicious Alternative Desserts Ltd. David Murray (416) 364-6744 The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein. NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: DELICIOUS ALTERNATIVE DESSERTS LTD. ASE SYMBOL: DD MARCH 30, 1999 Delicious Alternative Desserts Ltd. Announces Closing of $2,750,000 Financing STONEY CREEK, ONTARIO--Delicious Alternative Desserts Ltd. (the "Corporation") is pleased to announce the closing today of a $2,750,000 financing in the form of Series 1 Special Notes issued to First Ontario Fund, Royal Bank Capital Corporation and Bank of Montreal Capital Corporation (the "Lenders"). The Series 1 Special Notes are automatically converted upon the filing of final prospectus into Secured Subordinated Debentures in the aggregate principal amount of $2,750,000 (the "Debentures") and warrant certificates constituting, in aggregate, the right to acquire 500,000 common shares of the Corporation (the "Warrants"). Each Warrant entitles the holder to acquire one common share of the Corporation on the payment of $0.50 and expires four years from the date of its issuance. The Series 1 Special Notes and the Debentures bear interest at the rate of 23.5 percent per annum calculated monthly and payable quarterly in arrears. Upon conversion of the Series 1 Special Note, up to 8.5 percent the total interest may be payable in common shares of the Corporation with the remaining 15 percent payable in cash. The term of the Debentures is two years and the Corporation may pre-pay the Debentures at any time without penalty. The Series 1 Special Notes are part of a larger financing involving a proposed issuance of approximately $1,750,000 in Special Warrants at $0.50 per Special Warrant and the expansion of the Corporation's senior debt facility. The total financing will be used in connection with costs incurred from the renovation of the Corporation's plant in Stoney Creek, Ontario and an expansion of the Corporation's distribution system. -30-