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Message: Announces Proposal to Creditors
| April 16, 2009 |
| Raymor Announces Proposal to Creditors |
| BOISBRIAND, QUEBEC--(Marketwire - April 16, 2009) - Raymor Industries Inc. ("Raymor") (TSX VENTURE:RAR) announced today that it has, through KPMG Inc., trustee of Raymor (the "Trustee"), filed a proposal to its unsecured creditors (the "Creditors") under the Bankruptcy and Insolvency Act (the "Proposal"). The meeting at which the Creditors will vote on the Proposal will be held on April 30, 2009 (the "Meeting"). The Proposal provides for a maximum of $750,000 (the "Total Amount") to be distributed in the following manner: a) All the Creditors will receive a maximum amount of a $1,000 or, if the value of a Creditor's debt is less than $1,000, an amount covering its debt. Such amounts will be awarded to the Creditors 60 days following approval of the settlement by the Court; b) With regards to the balance of the Total Amount after deduction of the amount referred to in paragraph a) above (the "Balance of the Debt"), each unsecured creditor will be paid on a pro rata basis of the Balance of the Debt. The unsecured creditors will have the option of i) being paid their Balance of the Debt in four (4) equal cash payments payable every 90 days, as of December 15, 2009, until September 15, 2010 or, ii) advising the Trustee before November 15, 2009, that they wish to participate in a shares for debt transaction (the "Transaction") in accordance with Policy 4.3 of the TSX Venture Exchange by converting 100% of their Balance of the Debt into units of Raymor (the "Units"). Each Unit will have a value of $0.15 and will consist of one common share and one common share purchase warrant. Each common share purchase warrant will entitle the holder thereof to acquire one additional common share of Raymor at a price of $0.25 per share for a period of 12 months expiring on November 15, 2010. In lieu of Units, the insiders will be entitled to common shares of Raymor, subject to the above-mentioned terms which are otherwise applicable. To be eligible to participate in the Transaction, the Creditors will have to complete a form entitled "Option to Convert" attached to the Proposal and return it to the Trustee before November 15, 2009. The common shares and the common share purchase warrants issuable pursuant to the Transaction will be delivered after November 15, 2009. The Transaction is subject to receipt of all necessary approvals from the TSX Venture Exchange. The common shares of Raymor remain suspended from trading on the TSX Venture Exchange. Raymor is currently taking the necessary steps to reinstate the trading of its common shares. ON BEHALF OF THE BOARD OF DIRECTORS Stephane Robert, President and Chief Operating Officer FOR MORE INFORMATION ON RAYMOR INDUSTRIES, A NANOTECH 100 COMPANY, PLEASE VISIT: http://www.raymor.com |
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