MONTREAL, Oct. 29 /CNW/ - TORR Canada Inc. (TSX: TOR) ("TCI"), dedicated
to providing innovative process solutions to the Oil & Gas industry, today
announced that it has secured a $4,000,000 unsecured debenture from
Fondaction, le Fonds de développement de la Confédération des syndicats
nationaux pour la coopération et l'emploi ("Fondaction"). The proceeds will be
used for working capital and general corporate purposes.
"The financial commitment from this first-class institution is a great
validation of the strength of our business," said Alain Ferland, President and
Chief Executive Officer of TORR Canada. "This investment will provide
significant capital to assist us with the execution of our plan.
The debenture will bear an interest of 13% per annum, payable monthly.
The principal amount is repayable in 48 equal monthly installments commencing
on the 19th month following disbursement of funds. TCI may repay the amounts
owing to Fondaction as of the 25th month following disbursement of funds, up
to a maximum of $1,000,000 per 12-month period and with a premium of 5% of the
repaid amount. Subject to regulatory approval, TCI has also undertaken to
issue 2,424,242 warrants to purchase Shares of TCI at a price of $1.65 per
Share for a period of five years.
About TORR Canada Inc.
TCI is dedicated to providing solutions to the oil and gas industry. TCI
designs, develops, manufactures and commercializes technologies to separate
oil, water and gas generated by oil and gas production. For more information,
please visit www.torrcanada.com. TCI recently acquired Pure Group AS of
Caution concerning forward-looking statements
This press release contains forward-looking statements. Such statements
inherently involve numerous risks and uncertainties. Actual future results may
differ from the anticipated results expressed in the forward-looking
statements contained in this press release and TCI does not undertake to
update this information. Investors are cautioned against placing undue
importance on forward-looking information contained herein and should consult
the final short form prospectus and the documents incorporated by reference
therein, which contain a more exhaustive analysis of risks and uncertainties
connected to TCI's business.
For further information:
For further information: Contact: TORR Canada Inc., Jacques L. Drouin,
Senior Vice-President & CFO, (514) 522-5550, ext. 226, email@example.com;
The Equicom Group Inc., Danielle Ste-Marie, (514) 844-6064,