TORONTO, Oct. 11 /CNW/ - Rtica Corporation ("Rtica" or the "Corporation")
announced today that it has closed a non-brokered, private placement for an
aggregate of 24,984,422 common shares, for gross proceeds of $1,972,254.80.
The 24,984,422 common shares were issued as part of an exchange of debt for
equity at an average price of $0.0789 per share.
The private placement was completed under the partial revocation orders
issued by the securities commissions in each of the provinces of Ontario,
Alberta and British Columbia.
RTICA(R) brand insulation is manufactured by a proprietary technology
that converts 100% recycled plastic (PET) into a safe, clean, highly efficient
insulation. Initial distribution as loose fill will be to professional
installation contractors for blown-in-place applications.
Rtica currently has 80,679,878 common shares outstanding.
Trading in Rtica shares was halted on October 14, 2005.
(R) Registered trademark of Rtica Corporation.
For further information:
For further information: Warren Arseneau, President, Rtica Corporation,
Tel.: (905) 643-8669, email@example.com; or visit the Company's
website at www.rtica.com