NewsProcess Capital seeks shareholder nod for financing
Process Capital Corp (C:POR)
Shares Issued 77,472,574
Last Close 12/12/2006 $0.03
Tuesday December 12 2006 - News Release
Mr. Robert Grimard reports
Process Capital Corp., as of Oct. 24, 2006, and subject to TSX Venture Exchange approval and the receipt of any required regulatory consents, agreed to sell up to 51.5 million units at a price of five cents per unit for total proceeds of up to $2,575,000. Each unit will consist of one common share of the company and one share purchase warrant, with each full warrant entitling the holder to acquire one common share of the company at a price of 10 cents for a period of 18 months from the date of issuance (see Stockwatch, Oct. 24, 2006).
The company has signed a letter agreement with EnviroMatrix Technologies Inc., a private Ontario corporation, wherein EnviroMatrix has agreed, subject to the terms and conditions of the letter agreement, to subscribe for a total of up to 35.5 million units for total proceeds of up to $1,775,000.
In the event that EnviroMatrix subscribes for the full amount of the EnviroMatrix subscription, EnviroMatrix will hold 45.39 million common shares in the company, representing 35.14 per cent of the issued and outstanding common shares of the company (assuming the company receives subscriptions for the full amount of the private placement).
In the event that EnviroMatrix exercises all of the warrants it will acquire as a result of its investment in the private placement and previous acquired warrants pursuant to previous private placements of the company, it will hold 88.5 million common shares, representing 43.2 per cent of the company's common shares (assuming all other warrants issued pursuant to the private placement are exercised by other holders of the warrants), thereby resulting in a change of control of the company.
The company has scheduled a shareholders meeting for Dec. 15, 2006, to obtain shareholder approval of the private placement.
The company has been advised that at the next annual shareholders meeting of the company, two nominees of EnviroMatrix will stand for election as directors of the corporation.
The control person for EnviroMatrix is Anthony Cosentino, its president.
) 2006 Canjex Publishing Ltd.