TORONTO, July 28 /CNW/ - Forterra Environmental Corp. (TSX-V: FTE-V), an
emerging leader in the production and sale of premium organic soil-enrichment
products based on worm castings, today announced that it has completed a
private placement of units for gross proceeds of $305,500. Forterra issued
2,036,667 units at $0.15 per unit. Each unit consists of one common share and
one-half common share purchase warrant entitling the holder to purchase one
common share at $0.25 per warrant on or before July 9, 2010.
This is the second and final closing of the private placement announced
on June 27, 2008. In total the private placement raised $2,502,000 through the
issue of 16,680,000 units, consisting of a total of 16,680,000 common shares
and 8,340,000 common share purchase warrants.
The common shares and common share purchase warrants today announced are
subject to a four-month hold period expiring on November 26, 2008.
As previously announced, approximately two-thirds of the private
placement was purchased by institutional investors. The company will be using
the funds raised to support its increasing production of Forterra Worm
Castings and liquid Forterra Worm Tea Castings products.
Euroglobal Capital Partners Inc. acted as agent for the offering. The
agent received non-transferable agent's warrants to acquire 1,003,800 Units at
a price of $0.15 per Unit at any time on or before July 9, 2010.
About Forterra Environmental Corp.
Forterra manufactures and markets environmentally friendly soil
enhancers, using worm castings, which boost fertility while restoring the soil
with organic matter for sustainable, longer-term benefits, including stronger
root growth, and drought and pest resistance. Forterra products contain only
organic material. They are ideal for golf courses, sports fields, lawn care,
parks, nurseries, orchards, and vineyards. Essentially, Forterra uses red
wriggler worms to convert organic waste into vermicompost or worm castings.
Worm castings contain micronutrients, which are required for healthy plant
development. Worm castings also contain microbes, which increase the rate at
which plants take up available macronutrients and micronutrients. Further
information is available on the company's website at www.forterra.com.
This news release contains forward-looking statements based on current
expectations. These forward-looking statements entail various risks and
uncertainties that could cause actual results to differ materially from those
reflected in these forward-looking statements. Such statements are based on
current expectations, are subject to a number of uncertainties and risks, and
actual results may differ materially from those contained in such statements.
These uncertainties and risks include, but are not limited to, availability of
resources, competitive pressures, changes in market activity, and regulatory
requirements. Risks and uncertainties about Forterra's business are more fully
discussed in the company's disclosure materials, including its annual
information form and MD&A, filed with the securities regulatory authorities in
Canada. Forterra assumes no obligation to update any forward-looking statement
or to update the reasons why actual results could differ from such statements.
The TSX Venture Exchange Inc. has neither approved nor disapproved of the
contents of this news release.
For further information:
For further information: Investor and Media Relations: Richard W.
Wertheim, Wertheim + Company Inc., Email: firstname.lastname@example.org, (416)
594-1600, (416) 518-8479 (cell)