Multi-Glass International Corp. - Announcement

Date: 28 March 2003
Source: Yahoo
Multi-Glass International Corp. Multi-Glass is pleased to announce that it has entered into an engagement letter (the "Engagement Letter") with Investpro Securities Inc. ("Investpro"), pursuant to which Investpro has agreed to act as the exclusive agent of Multi-Glass in connection with a proposed private placement of up to of up to $750,000 principal amount of secured, subordinated, convertible debentures (the "Convertible Debentures").

The Convertible Debentures bear interest at a rate of 12.5% per annum payable monthly, mature in three years and are convertible at any time into common shares of the Corporation at a price of $0.30 per share for the first two years and at a price of $0.35 per share for the third year (the "Financing").
Multi-Glass has agreed pursuant to the Engagement Letter to pay Investpro a corporate finance fee of $10,000, a commission of 8% of the gross proceeds received by the Corporation from the Financing, and to reimburse their legal expenses. Multi-Glass has also agreed to grant Investpro agent's options to purchase that number of Common Shares that is equal to 10% of the number of Common Shares issuable assuming the Convertible Debentures sold by Investpro are converted, at a price of $0.30 per share for a period of eighteen months (the "Financing Agent's Options").

Multi-Glass is also pleased to announce that Octagon Capital Corporation has agreed to act as sub-agent for the Financing.

Multi-Glass has reserved a price of $0.30 per common share for up to 2,500,000 Common Shares to be issued in connection with the Financing, and up to 250,000 Common Shares to be issued upon exercise of any of the Financing Agent's Options. The completion of the Financing is subject to the approval of TSX Venture Exchange Inc.

600450 Multi-Glass International Corp. - Announcement
Date: 28 March 2003
Source: Yahoo

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