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Message: Announces the Dismissal of Mr. Stephane Robert...........
| June 12, 2009 |
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Raymor Announces the Dismissal of Mr. Stephane Robert, Receipt of the Final Approval of the TSX Venture Exchange in Connection with the Private Placement in the Aggregate Amount...
...of $1,278,861 and Corrections to its June 8th, 2009 Press Release |
| MONTREAL, QUEBEC--(Marketwire - June 12, 2009) - Raymor Industries Inc. ("Raymor") (TSX VENTURE:RAR) announces the dismissal of Mr. Stephane Robert as President and COO of Raymor and its subsidiaries by the board of directors of Raymor. The Superior Court of Quebec issued an injunction ordering Mr. Stephane Robert to, notably, vacate the offices of Raymor, cease taking any actions for and on behalf of Raymor, return all company property and documents, and cease communicating with any of Raymor's stakeholders in order to denigrate, injure the Raymor's reputation or to interfere with the operations, management or activities of Raymor or its board of directors. Rolland Veilleux, Chairman of the board of directors and Chief Executive Officer of Raymor, stated that the management and the board of directors of Raymor are determined to continue the implementation of the restructuring plan, to comply with the proposal to its creditors and to work with the securities regulators and the TSX Venture Exchange (the "Exchange") to resume trading of the common shares on the Exchange as soon as possible. Raymor is pleased to announce that it has obtained the final approval of the Exchange in connection with its previously announced private placement in the aggregate amount of $1,278,861. The proceeds will be used to finance Raymor's restructuring plan, to pay outstanding debts and for working capital purposes. The private placement consists 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 is 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 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. Raymor further announces corrections to its June 8th, 2009 press release issued by Mr. Stephane Robert on behalf of Raymor as Mr. Kiem Truong and Dr. Jean-Louis Robert were not duly appointed as new members of the board of directors of Raymor. Raymor is pleased to announce the appointment of two new members of the board of directors, Mr. Michel Baril and Mr. Alfredo Perez. The current members of the board of directors are Mr. Rolland Veilleux, Mr. Georges Durst, Mr. Normand Goupil, Mr. Michel Baril and Mr. Alfredo Perez. Raymor is also pleased to announce the appointment of Mr. Georges Durst as Secretary of Raymor, Mr. Normand Goupil as Vice-President of Raymor and Mr. Michel Baril as General Manager of Raymor and of its subsidiaries. ON BEHALF OF THE BOARD OF DIRECTORS Rolland Veilleux, Chief Executive Officer FOR MORE INFORMATION ON RAYMOR INDUSTRIES, A NANOTECH 100 COMPANY, PLEASE VISIT: http://www.raymor.com |
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