Business
CON-SPACE Completes Equity Financing
TSX-Venture: Tier 1 RICHMOND, BC, April 9 /CNW/ - CON-SPACE Communications Ltd. (the "Company" or...
About this update from Canada Carbon, Inc.
[{"type":"text","content":"\n\n\n\nTSX-Venture: Tier 1\n\n\nRICHMOND, BC, April 9 /CNW/ - CON-SPACE Communications Ltd. (the\n"Company" or "CON-SPACE") (TSX-V: CCB), (http://www.con-space.com), today\nannounced that, further to its news release of April 3, 2009, it has closed\nits private placement of 22,000,000 common shares at $0.05 each, for gross\nproceeds of $1,100,000 (the "Offering"), to Turret Oy Ab ("Turret"), its\nlargest shareholder and secured lender. The common shares issued pursuant to\nthe Offering are subject to a statutory hold period of four months plus one\nday from the date of completion of the Offering in accordance with applicable\nsecurities legislation.\n\n\nThe proceeds of the Offering will be used to settle and payout the\nsecurity held by the vendors of Search Systems Inc., to pay the overdue\nquarterly interest payment that was due on March 31, 2009 pursuant to the\nsecured loan agreement with Turret and to repay Turret for two $50,000 bridge\nloans, with the balance for general working capital and costs associated with\nthe financing and restructuring.\n\n\nGordon Cook, the Company's President and CEO, said, "We are fortunate\nthat Turret has responded favourably to our request for additional financing.\nThis capital injection is expected to put the Company on firmer financial\nground and assist us in our endeavours to continue our operations\nuninterrupted".\n\n\nAbout CON-SPACE\n\n\nCON-SPACE is recognized as a leading designer and manufacturer of\nspecialized voice communication equipment used by Police, Fire, Rescue,\nGovernment Agencies, Militaries, Municipalities and general industry.\nCON-SPACE has distribution throughout North America, Great Britain, Australia,\nparts of Asia, South America, and Europe. CON-SPACE also supplies many other\nmanufacturers with private labeled products.\n\n\n DISCLAIMER\n\n\nThis news release contains forward-looking statements which reflect\nmanagement's current expectations regarding the Company's objectives, plans,\ngoals, strategies, future growth, results of operations, performance and\nbusiness prospects and opportunities. These forward looking statements include\nthe Company's proposal to complete a restructuring plan and complete the\nfinancing with Turret. There can be no assurance that all necessary conditions\nwill be met such th...