ENP Newswire -
Release date- 02052014 -
Richardson GMP will sell by private placement on a commercially reasonable efforts basis up to 14,000 units ('Units') of the Company at a price of
Each Unit is comprised of a
The Debentures will mature 48 months from the date of issuance of the Debentures and will bear interest at a rate of 12 percent per year, payable semi-annually. The Debentures will include certain provisions for repayment of the principal. Starting on the 25th month from the day on which the Debentures are issued, the principal amount of the Debentures will be repaid at a rate of
Richardson GMP will be paid a broker's fee and receive broker's warrants in compensation for acting as the broker in connection with the Offering.
The closing date of the Offering is expected to occur on or about
In addition, our commitment, as part of the equipment refinancing package, to a debt to equity conversion with respect to our 2012, 9.5% debentures maturing in 2016, will reduce long-term debt by a minimum of
President & CEO
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Advisory Respecting Forward-Looking Statements
This news release contains certain 'forward-looking information and statements' within the meaning of applicable securities laws. The use of any of the words 'expect', 'anticipate', 'continue', 'estimate', 'objective', 'ongoing', 'may', 'will', 'project', 'should', 'believe', 'plans', 'intends', 'confident', 'might' and similar expressions are intended to identify forward-looking information or statements.
In particular, this new release contains forward looking statements pertaining to: the terms of the Offering and the Units to be issued thereunder; the anticipated closing date of the Offering; the amount of proceeds from the Offering and the use of the proceeds from the Offering. Various assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this news release.
The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements reflect management's current beliefs and assumptions, based on information currently available to management. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, many of which are beyond the control of the Company.
Among the material factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: that the information is of a preliminary nature and may be subject to further adjustment; failure of the proposed Offering to proceed on the terms agreed to; failure to obtain the required approvals for the Offering; the failure to sell all Units offered pursuant to the Offering; failure to convert the required amount of debentures pursuant to the terms of the U.S. debt facility; as well as those factors discussed in or referred to under the heading 'Risk and Uncertainties' in the Company's Management's Discussion & Analysis dated
Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements.
The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and the Company assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.
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