TORR Canada announces Conversion of a Loan by Lothian Partners21 April 2006
TORR Canada Inc. ("TORR" or the "Company") (TSX-V: TOR) announces today that Lothian Partners 27 (sarl) SICAR, which held a convertible term loan granted to the Company in the context of the $3 million private placement completed on November 2, 2004, has exercised its right to convert the aggregate principal amount of such loan, $1,000,000, and the accrued and unpaid interest on such loan, of an aggregate amount of $180,387.95, into common shares of the Company. The principal amount is to be converted at a price of $0.65 per common share, for a total of 1,538,462 common shares being issued by the Company. The aggregate amount of the accrued and unpaid interest is to be converted at a price of $0.879 per common share, representing the average of closing price of the common shares on the TSX Venture Exchange for the twenty trading days preceding the date of exercise of the conversion right by Lothian Partners 27 (sarl) SICAR, for a total of 205,220 common shares to be issued by the Company upon approval by the TSX Venture Exchange. As a result of the exercise of the conversion right prescribed under the loan by Lothian Partners 27 (sarl) SICAR, a total of 1,743,682 common shares are to be issued by the Company. The number of common shares issued and outstanding of TORR will increase to 32,651,734 common shares. About TORR Canada Inc. TORR Canada Inc. (formerly EARTH (Canada) Corporation) is a world leader in the development of leading edge technologies for hydrocarbon remediation. Through the use of its proprietary RPA(R) and TORR(TM) Technologies, TORR Canada Inc. is dedicated to the extraction of hydrocarbons from upstream Oil & Gas produced water. The Company provides to its customers superior economic and environmental benefits while yielding a return to shareholders. For more information, please refer to the TORR's website at www.torrcanada.com Caution concerning forward-looking statements Certain statements contained in this press release may contain forward-looking statements, including statements regarding the business and anticipated financial performance of TORR CANADA INC. These statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include but are not limited to legislative or regulatory developments, competition, technological change, changes in government and economic policy, inflation and general economic conditions in geographic areas where TORR CANADA INC. operates. These and other factors should be considered carefully and undue reliance should not be placed on the forward-looking statements. TORR CANADA INC. does not undertake to update any forward-looking statements. NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. For further information: TORR Canada Inc., Jacques L. Drouin, CFO & Corporate Secretary, (514) 522-5550, ext. 226, jdrouin@torrcanada.com; The Equicom Group Inc., Eric Bouchard, (514) 844-7997, ebouchard@equicomgroup.com
Source: newswire
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