Business
EACOM Timber Corporation Announces Closing of $40 million Secured Debenture Financing
MONTRÉAL AND VANCOUVER, April 11, 2012 /CNW/ - EACOM Timber Corporation (TSXV: ETR) ("...
About this update from Etruscus Resources Corp.
[{"type":"text","content":"\n\n\n\n\n\nMONTRÉAL AND VANCOUVER, April 11, 2012 /CNW/ - EACOM Timber Corporation\n (TSXV: ETR) (\"EACOM\", or the \"Company\") today announced that it has\n successfully closed its previously announced $40 million secured\n debenture financing (the \"Transaction\").\n\n\nThe net proceeds of the $40 million 10% senior secured debentures due\n April, 2017 will be used for general corporate purposes.  An aggregate\n of 200 million common share purchase warrants were also issued as part\n of the Transaction at an exercise price of $0.20 per common share.\n\n\nAs part of the Transaction, Fairfax Financial Holdings Limited is\n entitled to nominate two directors to EACOM's board.  Mr.  Chris\n Hodgson  has been appointed as an independent director to the Board,\n subject to TSX-V approval.  Fairfax is entitled to nominate an\n additional director in the future.\n\n\nRick Doman, President and CEO stated \"We are delighted to have\n additional strength in our institutional base with the addition of the\n Fairfax Financial group participation in the Transaction.  We are also\n very happy to have two of our existing institutions, Lansdowne UK\n Strategic Investment Master Fund Limited and Radcliffe group also\n participate.\"\n\n\n\"We welcome Chris to the Board and look forward to working with him. \n Chris has a vast amount of experience and expertise that will add value\n to our already strong and independent Board\" commented Terry Lyons,\n Chairman of EACOM.\n\n\nAbout EACOM\n\n\nEACOM Timber Corporation is a TSX-V listed company. EACOM owns eight\n sawmills, all located in Eastern Canada, and related tenures. The mills\n are Timmins, Nairn Centre, Gogama, Elk Lake and Ear Falls in Ontario,\n and Val-d'Or, Ste-Marie and Matagami in Quebec. The sawmills in Ear\n Falls, Ontario and Ste-Marie, Quebec, are currently idled.  Operations\n in Matagami and Val-d'or are currently on temporary shut down.  These\n temporary measures primarily relate to the impact of low lumber prices\n for stud grade lumber products, the strong CDN dollar and the impact of\n the 7.6 percent tax imposed on shipments to the U.S. EACOM also owns a\n remanufacturing facility and a 50% interest in an \"I\" joist plant.\n\n\nThe TSX Venture Exchange has neither approved nor disapproved the\n content of this press r...