TSXV Symbol: CYF
TORONTO, June 7 /CNW/ - Canyon Creek Food Company Ltd. ("Canyon Creek"),
listed on the TSX Venture Exchange Inc. under the trading symbol "CYF", is
pleased to announce the closing of the previously announced settlement of
$3,150,000 of debt Chemco Electrical Contractors Ltd. ("Chemco") by the
issuance of 10,500,000 common shares at a price of $0.30 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 1,300,000
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.
About Canyon Creek
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Canyon Creek is a food processing company based in Calgary and Edmonton,
Alberta providing fresh soups and other prepared food products for today's
health conscious consumer. The company provides its fresh food product line to
both grocery retailers and a broad range of food service establishments such
as restaurants and institutions throughout Canada.
The TSX Venture Exchange has neither approved or disapproved of the
contents of this press release.
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