Cenosis Closes Shares for Debt Plan, Gets Approval for Private Placement
Press release from the issuing company
Laval, August 1, 2002 - In July, Cenosis announced the closing of its shares for debt creditor reimbursement plan and that it has received conditional regulatory approval for the private placement announced April 23, 2002.
The Company has issued 1,677,157 common shares at $0.10 each to finalize the reimbursement of certain debts with seven (7) creditors. The amounts owed and thus settled amount to $465,186. The creditors and the Company had reached a settlement agreement whereby each mutually granted the other a full and final release related to the respective debts.
The private placement consists of a five million (5,000,000) unit issue at $0.10 per unit. Each unit is composed of one common share and one full warrant, the latter giving its holder the right to acquire one common share at an exercise price of $0.20 before May 31, 2003. The placement will provide Cenosis with an initial minimum amount of $500,000 and an additional investment of up to $1,000,000.
These funds will be mainly used for operational cash flow requirements and for finalizing certain creditor arrangements. The private placement is fully subscribed and the placees are subject to a minimum holding period of four months following issuance of the securities.
Cenosis Inc. is a high technology company active in the development and integration of software solutions, mainly for the publishing and graphic communications industries. Its wholly owned subsidiary, KangaCom Inc., is an application service provider (ASP) offering software solutions for the transfer of large data files and digital workflow automation.
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