Last Close: September 30, 2009 - $0.125
Shares Issued: 61,586,627
CALGARY, Sept. 30 /CNW/ - Maple Leaf Reforestation Inc. ("Maple Leaf" or the "Corporation") is pleased to announce that subject to final approval from the TSX Venture Exchange, the proposed private placement of convertible debentures that was previously announced on July 14, 2009 has now closed and was oversubscribed. The Corporation received subscriptions for $540,000 worth of convertible debentures. As previously announced, the debentures carry an interest rate of 15% per annum which will be payable on maturity, that being one year from today's closing date (the "Maturity Date"). The debentures are convertible at the option of the holder into common shares of Maple Leaf at any time prior to the Maturity Date at a conversion price equal to $0.10 per common share. All common shares of the Corporation issued as a result of a debenture holder exercising his or her right of conversion are subject to a four month hold period from the date of such conversion. In connection with the private placement Maple Leaf paid finder's fees in the amount of $10,850.00 to various arm's length parties.
Maple Leaf intends to use the proceeds from the private placement to advance its alfalfa operation and for general working capital.
About Maple Leaf Reforestation Inc.
Maple Leaf is a Canadian company operating four environmental related projects in China:
1. a large-scale forest nursery in Inner Mongolia which is focused on
growing value-added tree seedlings and alfalfa feedstock alongside
landscaping and nursery products;
2. a multi-faceted Xinjiang Yellowhorn tree project which will provide
for the manufacture of bio-diesel fuel and cooking oil and complement
the fabrication of the ever demanding nutritious alfalfa feedstock;
3. an organic fertilizer plant in the Hunan Province which will produce
environmentally friendly bio-organic fertilizer; and
4. a Flexi-Pipe distribution network to serve the oil and gas industry
and other renewable energy industries.
Maple Leaf is a wholly-owned foreign enterprise which allows Maple Leaf to control 100% of the direction and operations of the company in China while permitting the cash generated from operations in China to flow back to Canada.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Certain statements in this news release including (i) statements that may contain words such as "anticipate", "could", "expect", "seek", "may" "intend", "will", "believe", "should", "project", "forecast", "plan" and similar expressions, including the negatives thereof, (ii) statements that are based on current expectations and estimates about the markets in which Maple Leaf operates and (iii) statements of belief, intentions and expectations about developments, results and events that will or may occur in the future, constitute "forward-looking statements" and are based on certain assumptions and analysis made by Maple Leaf. Forward-looking statements in this news release include, but are not limited to, statements with respect to future capital expenditures, including the amount, nature and timing thereof; other development trends within the China's seedling industry; business strategy; expansion and growth of Maple Leaf's business and operations and other such matters. Such forward-looking statements are subject to important risks and uncertainties, which are difficult to predict and that may affect Maple Leaf's operations, including, but are not limited to: the impact of general economic conditions; industry conditions; government and regulatory developments; seedling product supply and demand; competition; and Maple Leaf's ability to attract and retain qualified personnel. Maple Leaf's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do transpire or occur, what benefits Maple Leaf will derive there from.
Maple Leaf maintains a forward-looking statement database which is reviewed by management on a regular basis to ensure that no material change has occurred with respect to such forecasts. The Company will publicly disclose such material changes to its forward-looking statements as soon as they are known to management.
SOURCE MAPLE LEAF REFORESTATION INC.
For further information: For further information: regarding Maple Leaf Reforestation Inc., visit www.mlreforestation.com or contact: Maple Leaf Reforestation Inc., Raymond Lai, Chairman, President & CEO, Tel: (403) 668-7560, Fax: (403) 250-2534, E-mail: email@example.com