Business
Bri-Chem Corp. closes $5,000,000 financing with HSBC Capital
Bri-Chem Corp. closes $5,000,000 financing with HSBC Capital.
About this update from Bri-chem Corp.
[{"type":"text","content":"\n\n\n\nTSX Venture Exchange\n\n\nSymbol \"BRY\"\n\n\nEDMONTON, Feb. 7 /CNW/ - Bri-Chem Corp. (\"Bri-Chem\") (TSXV:BRY) is\npleased to announce that it has closed a $5,000,000 financing with HSBC\nCapital (Canada) Inc. (\"HSBC Capital\"). The financing consists of a $5,000,000\nfive year subordinate debenture (\"Debenture\") and the issuance of 250,000\ncommon share purchase warrants (\"Warrants\"). Each Warrant entitles HSBC\nCapital to acquire one (1) Bri-Chem share at an exercise price of $2.00 for a\nperiod of 36 months from the date of issuance. Repayment of the principal\namount of the Debenture begins in the 25th month with a balloon payment for\nthe balance due and payable at the end of the 60th month.\n\n\nMr. Don Caron, Chairman of Bri-Chem stated, \"We are very pleased to have\nHSBC Capital as part of our corporate team. They analyzed the opportunity and\nrealized the potential in our vision. This relationship not only strengthens\nBri-Chem now but also provides financial support for our future growth\ninitiatives.\"\n\n\nBri-Chem will use the net proceeds from the financing to pursue potential\nfuture growth opportunities, working capital and general corporate purposes,\nwhich may include acquisitions and capital expenditures.\n\n\nAbout Bri-Chem\n\n\nBri-Chem operates out of its head office located in Acheson, Alberta and\nits principal activity is the wholesale/distribution blending and packaging of\ndrilling fluid supplies for the oil and gas industry. The Corporation provides\nover 100 domestic and foreign products to customers throughout Alberta,\nBritish Columbia and Saskatchewan.\n\n\nForward Looking Statements\n\n\nFrom time to time, Bri-Chem may publish forward-looking statements\nrelating to such matters as expected financial performance, business\nprospects, development activities and like matters. These statements involve\nrisk and uncertainties, including but not limited to the risk factors\npreviously described. Actual results could differ materially from those\nprojected as a result of these risks and should not be relied upon as a\nprediction of future events. Bri-Chem undertakes no obligation to update any\nforward-looking statement to reflect events or circumstances after the date on\nwhich such statement is made, or to reflect the occurrence of unanticipated\nevents.\n\n\nThe TSX Venture Exchange h...