CYF settles 3.15 mil debt Canyon Creek settles $3.15-million debt with shares
Canyon Creek Food Company Ltd (TSX-V:CYF)
Shares Issued 22,816,599
Last Close 6/6/2005 $0.22
Tuesday June 07 2005 - News Release
Mr. Terry Alty reports
CANYON CREEK FOOD COMPANY LTD. ANNOUNCES COMPLETION OF DEBT SETTLEMENT AND PARTIAL CLOSING OF PRIVATE PLACEMENT
Canyon Creek Food Company Ltd. has closed the previously announced settlement of $3.15-million of debt with Chemco Electrical Contractors Ltd. by the issuance of 10.5 million common shares at a price of 30 cents per common share. In addition to accepting the shares as settlement for the debt, Chemco has forgiven all of the accrued interest on the debt in the approximate amount of $900,000.
Canyon Creek is also pleased to announce that it has completed the first tranche of its previously announced non-brokered private placement. The first tranche of the placement raised $390,000 through the issuance of 1.3 million common shares to directors, officers and control persons of the corporation. All of the securities issued under the private placement are subject to a four-month hold period. The closing is subject to final approval of the TSX Venture Exchange.
© 2005 Canjex Publishing Ltd