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A leading Canadian developer of high technology and a producer of advanced materials and nanomaterials
Message: Corrections to the April 3rd May 19th and May 22nd, 2009
| May 29, 2009 |
| Raymor Industries Inc.: Corrections to the April 3rd May 19th and May 22nd, 2009 |
| BOISBRIAND, QUEBEC--(Marketwire - May 29, 2009) - Raymor Industries Inc. (TSX VENTURE:RAR), a leading developer and producer of single-walled carbon nanotubes, nanomaterials and advanced materials, announces corrections further to the appointments to the Board of Directors. Mr. Robert is President of the Company, Mr. Rolland Veilleux is Chairman of the Board and Mr. Michel Drouet is Secretary. Also, in accordance with the Statutes and By-Laws of the Company, the President is also the Chief Executive Officer. Further to Mr. Caron's resignation, the Executive Committee is comprised of Mr. George Durst, Mr. Normand Goupil and Mr. Stephane Robert. The Audit Committee is comprised of Mr. Normand Goupil, Mr. George Durst and Mr. Stephane Robert. The guaranteed convertible debentures of the private placement announced on May 19th, 2009 totals $1,048,861 and not $1,248,861. The mortgage registered against Raymor's assets totals $1,500,000 and the Proxyholder appointed to represent this mortgage is Mr. Normand Goupil, one of the board of Directors of Raymor Industries Inc. To date, the directors participating in the guaranteed debentures of the private placement are Rolland Veilleux, George Durst and Normand Goupil for a total of $450,000. The maximum total shares and options that the directors could earn if the conversion were to take place during the first year would be 11,250,000 shares at a price of $0.05 and 11,250,000 warrants at a price of $0.10 for a total of 22,500,000 shares and warrants. The maximum total shares and warrants that the directors could earn if the conversion were to take place in the second year would be 7,031,250 shares at a price of $0.10 and 7,031,250 warrants at a price of $0.15 for a total of 14,062,500 shares and warrants. The proceeds of the guaranteed convertible debenture's private placement will be used to finance Raymor's restructuring plan, to pay outstanding debts and for working capital purposes. The guaranteed convertible debentures of the private placement consist of the issuance of secured convertible debentures. Each debenture, bearing an annual interest rate of 25%, will mature two years from its issuance and will be convertible at the holder's discretion into units of Raymor at a conversion price of $0.05 per unit for an initial period of 12 months and thereafter at the price of $0.10 for an additional period of 12 months (the "Conversion Price"). Each unit will be comprised of one common share and one common share purchase warrant. Each common share purchase warrant will entitle the holder thereof to purchase one additional common share of Raymor at the price of $0.10 per common share for an initial period of 12 months and thereafter at the price of $0.15 per common share for an additional period of 12 months. Raymor may also, at its discretion, force the conversion of the debentures at the Conversion Price if the common shares of Raymor trade on the TSX Venture Exchange (the "Exchange"), for a period of more than 20 consecutive days, at the price of $0.20 or more during the first year and at the price of $0.40 or more during the second year. The debentures may also be converted by Raymor at the Conversion Price upon maturity of the debentures. The interest on the debentures will be capitalized and may be payable in common shares of Raymor, subject to shares for debt provisions of the Exchange and the approval of the Exchange. The debenture offering is subject to the final approval of the Exchange. About Raymor Industries RAYMOR INDUSTRIES INC. (TSX VENTURE:RAR) has as its mission to become a leading developer of high technology for the production of single-walled carbon nanotubes, nanomaterials and other advanced materials for high value-added applications. Raymor Industries operates three wholly-owned, industrial subsidiaries, Raymor Nanotech, Raymor Aerospace and AP&C Advanced Powders and Coatings, specializing in nanotechnology and advanced materials, and comprising four divisions: (1) nanotechnology products, including nano-powders, nano-coatings, and single-walled carbon nanotubes (C-SWNT) for "the applications of tomorrow"; (2) thermal spray coatings, which largely targets military, aeronautical, aerospace, specialized industrial, and mining applications; (3) spherical metallic powders, primarily used for biomedical and aerospace applications; and (4) net-shape forming, a component manufacturing technique used for ballistic protection and other aerospace and military applications. ON BEHALF OF THE BOARD OF DIRECTORS Stephane Robert, President. FOR MORE INFORMATION ON RAYMOR INDUSTRIES PLEASE VISIT: http://www.raymor.com |
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