MONTREAL, Aug. 7 /CNW/ - TORR Canada Inc. (TSX: TOR) ("TCI" or the
"Company"), dedicated to providing water treatment to the Oil & Gas industry,
today announced that Fonds de solidarité des travailleurs du Québec (F.T.Q.),
which held a convertible term loan granted to the Company in the context of
the $3 million private placement completed on November 2, 2004, has exercised
its right to convert the aggregate principal amount of such loan, $500,000,
and the accrued and unpaid interest on such loan, of an aggregate amount of
$180,194.10, into common shares of the Company.
The principal amount is to be converted at a price of $0.65 per common
share, for a total of 769,231 common shares being issued by the Company. The
aggregate amount of the accrued and unpaid interest is to be converted at a
price of $0.5672 per common share, representing the average of closing price
of the common shares on the TSX for the twenty trading days preceding the date
of exercise of the conversion right by Fonds de solidarité des travailleurs du
Québec (F.T.Q.) less a discount rate of 20% as set out in the Term Loan
Agreement between TORR and Fonds de solidarité des travailleurs du Québec
(F.T.Q.), for a total of 317,691 common shares to be issued by the Company.
As a result of the exercise of the conversion right prescribed under the
loan by Fonds de solidarité des travailleurs du Québec (F.T.Q.), a total of
1,086,922 common shares are to be issued by the Company. The number of common
shares issued and outstanding of TORR will increase to 47,309,262 common
About TORR Canada Inc.
TCI is dedicated to providing water treatment solutions to the oil and
gas industry. TCI designs, develops, manufactures and commercializes the
TORR(TM) and Reusable Petroleum Absorbent ("RPA(R)") cartridge technologies to
separate oil and water in produced water generated by oil and gas production.
For more information, please visit www.torrcanada.com.
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: TORR Canada Inc.: Jacques L. Drouin, Senior
Vice-President & CFO, (514) 522-5550, ext. 226, firstname.lastname@example.org; The
Equicom Group Inc.: Eric Bouchard, (514) 844-7997, email@example.com