Multi-Glass International Corp. - Announcement

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

See more news about:

Others also read

Local quality glass producer Emirates Glass Limited has won contracts to supply 68,000 square metres of its high quality EmiCool glass to five major projects in Dubai.
Southwall Technologies Inc. (Nasdaq:SWTX), a global developer, manufacturer and marketer of thin-film coatings for the electronic display, automotive glass and architectural markets, today announced that on Dec. 18, 2003, it secured an agreement for a new bank loan guarantee and equity financing package of up to $7.5 million from Needham & Company, Inc., its affiliates and Dolphin Asset Management.
When did the wine industry start using glass bottles, and how did they settle on their current size of 750ml? For the answer to these questions, you have to go back in time - back thousands of years to when wine was first cultivated and enjoyed.
Praxair, Inc. (NYSE: PX) today announced that its subsidiary Praxair Canada Inc.'s specialty gases plant in Paris, Ontario, Canada, is one of Praxair's first specialty gases plants in North America to complete the upgrade to ISO 9001:2000, the latest ISO 9000 standard for quality.
KUB Malaysia Bhd has accepted an offer from Nippon Sheet Glass Co Ltd (NSG) to acquire its 15% stake in Malaysian Sheet Glass Bhd (MSG) for RM32.6 million in cash, or RM2.68 per share.
Co-Ventures in Glass Containers (CVIGC, Ltd.) of Tampa, Florida, USA and Micro-Tek Canada, Inc. Of Toronto, Canada are excited to announce the beginning of a long term joint venture to combine their extensive experiences and resources to offer the Glass Container Industry globally a best value alternative for all their outsourcing needs in manufacturing, operations and technical assistance agreements, specifically targeted to the smaller manufacturers who have found the larger service companies to be cost and profit prohibitive.The principals of the two companies have found a global need for smaller glass companies who require excellent technical resources to properly compete within the industry without the high costs of employing their own staffs or outsourcing their requirements to the larger service companies whose own operating costs and overhead are substantial.

Add new comment