Home > Press > Raymor: Assets Based Financing of $4,950,000
Raymor Industries Inc. (TSX VENTURE: RAR) Raymor entered into a financing agreement with a local financial institution who will provide assets based financing of $4,000,000 at an interest rate of 10 % for a term of up to 10 years. In addition, a line of credit in the amount of $950,000 has also been arranged with the same lender supporting the company's receivables and inventories.
Raymor: Assets Based Financing of $4,950,000
BOISBRIAND, QUEBEC, CANADA | Posted on May 23rd, 2007
As part of the financing agreement, Raymor will issue 75,000 share purchase warrants. Each warrant will enable its holder to purchase one additional common share of the Company at a price of $1.20 until May 14, 2009. The share purchase warrants will be subject to a four month and one day hold period expiring on September 15, 2007.
Commenting on the news above, Mr. Stephane Robert, President and CEO of Raymor Industries said the following:
"The closing of this financing will allow Raymor to be more aggressive in growing each division of our company."
Raymor announces the granting of 120,000 incentive stock options exercisable at a price of 1.20 $ per share to officers and directors of Raymor. The issuance of the stock options is subject to acceptance by the TSX Venture Exchange.
About Raymor Industries Inc.
RAYMOR INDUSTRIES INC. (TSX-V: 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. Raymor holds the exclusive rights to more than 20 patents throughout the world, with other patents pending.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephane Robert, President.
FOR MORE INFORMATION ON RAYMOR INDUSTRIES, A NANOTECH 100 COMPANY AND LIST OF NANOTECH 100 COMPILED BY IANANO, PLEASE VISIT: http://www.raymor.com
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Raymor Industries Inc.
450-434-1004 ext.: 444
Toll Free: 888-734-1004
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