Sorel-Tracy, February 27, 2008 - Conporec ("Conporec" or the "Company") announces today that the Board of Directors authorized a private placement of CAD$5 000 000 to CAD$6 000 000 or ¤3 333 000 to ¤4 000 000 (the «private placement»). Amsterdams Effectenkantoor B.V., a broker and asset manager based in Amsterdam, NE, already partner of Conporec, will assist the company for the closing process of this private placement.
According to the term sheet, this private placement will be carried out at a price of CAD$1.00 per share, or ¤0.67 per share, which corresponds to yesterday closing of the Conporec listed share price on TSX Venture Stock Exchange. A total amount between 5 000 000 and 6 000 000 of new shares will be issued to complete the private placement with an expected closing date of March 31st, 2008. The ordinary shares issued for this private placement will be subject to a detention period of four months, all in accordance with Canadian regulatory Authorities. This private placement will not be executed under the visa of the Autorité Francaise des Marché Financiers and no public offering will be done in France neither in Canada. Conporec’s Officials will hold a meeting for analysts and qualified investors in Paris, March 18th, 4:00 pm at the offices of SFAF (24, rue de Penthièvre, 75008 Paris).
The proceeds from this private placement will be used to finance the current activities of the company, and to complete the construction of its source separated organics processing facility as well as to initiate the development of its environmental technologies demonstration site at Parc, La Prade Bécancour (Ca). It should be reminded that this waste recovery site has all the necessary environmental approvals as well as two signed contracts which will provide annual recurring incomes of CAD$6.5 million.
“This major investment that allows the completion of our second built/own/operate facility in Quebec is in direct line with our business plan. Conporec will thus take a significant edge on its competitors with this ultramodern and performing waste recovery facility and a total processing capacity in Quebec of up to 80,000 tons per year” declared Mr. Jean Beaudoin, President and Chief Executive Officer of Conporec inc.
Conporec inc. develops, owns and operates various patented technologies for the treatment and the recovery of solid waste into valuable resources and energy. The company successfully delivered or is in the process of completing plants in Canada, France, United States and Australia and has also completed about thirty other installations in Canada. Conporec is a socially responsible organization listed on the Toronto Stock Exchange (Venture) and the Paris Stock Exchange (Alternext).
TSX-V : CNX
Alternext : ALCNX
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