OTTAWA, Nov. 13 /CNW Telbec/ - Tarquin Group Inc. ("Tarquin") (TSX
VENTURE: TQN) announced today that it has received $300,000 in convertible
debt financing from Quorum Investment Pool Limited Partnership ("Quorum"), one
of its existing investors. The proceeds of this debt financing will be used to
finance the working capital requirements of Tarquin and its subsidiaries.
"The ongoing support of Quorum in this early stage of Tarquin's strategy
reinforces the value of our commitment to acquire and build undervalued
assets," said Don Gibbs, CEO of Tarquin.
The debt bears interest at the rate of 8.5% per annum, has a term of 24
months and is convertible into common shares of Tarquin at the option of
Quorum at $0.25 per share. The debt is also repayable in the event Tarquin
completes a subsequent financing of $900,000 or more. In addition, Quorum
received warrants to acquire 1,200,000 common shares of Tarquin at $0.30 per
share for 24 months. The securities issued are all subject to a 4 month hold
In light of the additional Quorum financing and in order to support
Tarquin, the Royal Bank of Canada has agreed to refrain from enforcing any of
its rights against Tarquin until at least May 2, 2008, subject to certain
terms and conditions as set out in a forbearance agreement.
About Tarquin Group
The goal of Tarquin Group Inc. (TSX VENTURE: TQN) is to become a
diversified industrial technology company providing solutions to the global
manufacturing market. Acting strategically in desirable niche markets
worldwide, it is expected that Tarquin's structure and processes will ensure
superior product solutions for customers while driving profitable growth for
all its stakeholders. Tarquin's target companies are niche market leaders in
the fields of laser applications and test, measure and control solutions for
manufacturing. For more information visit: www.tarquingroup.com.
The TSX-Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Investor relations: Donald Gibbs, CEO, Tarquin
Group Inc., (613) 271-3765