TORONTO, March 27 /CNW/ - Referencing its news release dated February
22,2008, Process Capital Corp. (POR-V) (the "Company") announces that, subject
to TSX Venture Exchange (the "Exchange") approval and the receipt of all
required regulatory consents, the Company has increased the number of units to
be sold from 10,000,000 to 20,000,000 units at a price of $0.05 per unit, each
unit comprising one common share of Process Capital Corp. 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
September 30th, 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 indicated that it will subscribe to the full
amount of the private placement.
In the event that Enviromatrix subscribes for the full amount of the
Private Placement, Enviromatrix will hold 62,838,742 common shares of the
Company, representing 42.6% of the issued and outstanding common shares of the
Company. The control person for EnviroMatrix is Anthony Cosentino, its
As the subscriber to the Private Placement is an insider of the Company,
it is required to comply with Policy 5.9 of the Exchange (Insider Bids, Going
Private Transactions and Related Transactions) which incorporates Ontario
Securities Commission Rule 61-501, unless there is an exemption available. The
Company expects to rely upon the Financial Hardship Exemption with respect to
the Private Placement.
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.
At the close of business on March 26, 2008 the common shares of the
Company were trading at $0.035.
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.: Robert Grimard,
President and CFO, H. John Stollery, Chairman of the Board, (416) 622-6600,
Fax: (416) 622-6628, firstname.lastname@example.org; on EnviroMatrix Technologies
Inc.: Anthony Cosentino, President & CEO, (416) 363-0080, Fax: (416) 360-0515,