Norzan Enterprises Ltd. - Closing of Convertible Loan



    Trading Symbol: NRZ

    VANCOUVER, March 20 /CNW/ - The Company today announced that it has
completed the closing of a convertible loan in the amount of $767,650 with
conversion into units consisting of shares and warrants. Each unit consists of
one (1) common share in the capital of the Company and one (1) share purchase
warrant. The principal and interest of the loan will be convertible in the
first two years at $0.13 per share, in the third year at $0.14, in the fourth
year at $0.16 and in the fifth year at $0.17 per share. The loan will bear an
interest rate of 8% and have fixed and floating security over the assets of
the Company. The warrants will expire by the earlier of two years after the
date the convertible securities were exercised and the last date for
exercising the convertible securities. The exercise price of the warrants will
equal that of the convertible securities.
    The common shares of the Company issuable upon conversion of the
convertible loan or upon exercise of the warrants will be subject to a hold
period expiring on July 19, 2007.
    The proceeds from the foregoing transaction will be used for general
corporate purposes.

    
                           Norzan Enterprises Ltd.

                               "Charles Ross"
                                   Director
    

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release. All
    information contained in this release is believed to be factual and
    accurate.





For further information:

For further information: Norzan Enterprises Ltd., 2110 - 1177 West
Hastings Street, Vancouver, B.C., V6E 2K3, Telephone: (604) 669-4300,
Facsimile: (604) 681-5259

Organization Profile

NORZAN ENTERPRISES LTD.

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