TORONTO, June 3 /CNW/ - Process Capital Corp. (POR-V) (the "Company")
announces that it has received approval from the TSX Venture Exchange (the
"Exchange") and has closed its previously announced private placement
consisting of 20,000,000 units at a price of $0.05 per unit, each unit
comprising one common share and one warrant to purchase a common share at a
price of $0.10 per common share, for total proceeds of $1,000,000 (the
"Private Placement"). The warrants will expire on December 3, 2009. The
proceeds of the financing will be added to the working capital of the Company
and will fund the development of the Company's new waste oil micro-refinery to
be built at its site in Kingston, Ontario.
Enviromatrix Technologies Inc. ("Enviromatrix"), the principal
shareholder of the Company, has purchased the full amount of the private
placement and now holds 62,838,742 common shares of the Company, representing
42.6% of the issued and outstanding 147,472,574 common shares of the Company.
The control person for EnviroMatrix is Anthony Cosentino, its President.
Prior to giving effect to the Private Placement, 127,472,574 common
shares and 50,000,000 common share purchase warrants of the Company were
issued and outstanding.
Statements in this release which describe the Company's intentions,
expectations or predictions, or which relate to matters that are not
historical facts are forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties which may cause
the actual results, performances or achievements of the Company to be
materially different from any future results, performances or achievements
expressed or implied by such forward-looking statements. The Company may
update or revise any forward-looking statements, whether as a result of new
information, future events or changing market and business conditions.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
For further information:
For further information: on Process Capital Corp., please contact Robert
Grimard, President and CFO or H. John Stollery, Chairman of the Board, at Tel:
(416) 622-6600, Fax: (416) 622-6628 or at firstname.lastname@example.org; For further
information on EnviroMatrix Technologies Inc., please contact Anthony
Cosentino, President & CEO, at Tel: (416) 363-0080, Fax: (416) 360-0515, or at