Business
Resin Systems Announces Rights Offering
CALGARY, June 16 /CNW/ - Resin Systems Inc. ("RS") (RS - TSX), a technology innovator that develo...
About this update from Real Estate Split Corp Class A
[{"type":"text","content":"\n\n\n\nCALGARY, June 16 /CNW/ - Resin Systems Inc. ("RS") (RS - TSX), a\ntechnology innovator that develops advanced composite products for\ninfrastructure markets, announced today that it is proceeding with a rights\noffering to shareholders of RS (the "Rights Offering"). Pursuant to the Rights\nOffering, each holder of common shares (the "Common Shares") will receive one\nright (a "Right") for each Common Share held. For every four Rights held a\nholder thereof will be entitled to purchase one Common Share at a price of\n$0.33. Shareholders will also have the opportunity to acquire additional\nCommon Shares beyond their entitlement through an additional subscription\nprivilege. Details as to the operation of this privilege are described in the\nRights Offering Circular to be mailed to shareholders in connection with the\nRights Offering (the "Rights Offering Circular"). Pursuant to the Rights\nOffering, a maximum of approximately 36,787,039 Common Shares will be issued\nwhich represents 25% of the currently issued and outstanding Common Shares.\n\n\nThe record date for the Rights Offering has been set at the close of\nbusiness on June 24, 2009. The Rights will expire at 10:00 a.m. (Calgary time)\non July 24, 2009. RS has received conditional approval for listing of the\nRights and the Common Shares to be issued upon exercise of the Rights on the\nToronto Stock Exchange (the "TSX"). Completion of the Rights Offering is\nsubject to receiving all necessary regulatory and TSX approvals. For full\ndetails of the Rights Offering please see the Rights Offering Circular which\nis available on SEDAR at www.sedar.com.\n\n\nStand-by Commitments\n\n\nStand-by commitments to purchase in the aggregate 100% of any Common\nShares issuable pursuant to the Rights which are not acquired by other\nrightsholders are being provided by the members of the Board of Directors of\nRS (the "Board"), Clive Beddoe and AGF Funds Inc. The terms of any\nsubscription under the Stand-by commitments will be identical in all respects\nto those of shareholders as a whole under the Rights Offering.\n\n\nUse of Proceeds\n\n\nRS will receive gross proceeds of $12,139,723 and net proceeds of\napproximately $12,039,723 after deducting expenses of the Rights Offering\nestimated at $100,000. The compl...