JER Envirotech Announces Closing of Private Placements, Change of Auditor and Option Grant
30 Mai 2008 - 10:12PM
Marketwired
VANCOUVER, BC (FRANKFURT: KFTB) is pleased to announce that,
further to its news release dated April 15, 2008, it has received
final TSX Venture Exchange acceptance with respect to the closing
the first tranche of its non-brokered private placement.
The Company sold 1,931,559 units at a price of $0.33 per unit
for gross proceeds of $637,415. Each unit consists of one common
share and one half share purchase warrant of the Company. Each
whole warrant entitles the holder to purchase one additional common
share of the Company at a price of $0.50 for a period of one year
from closing date. These units are subject to a hold period
expiring September 29, 2008. This closing is the first tranche of
the Company's previously announced private placement of up to
8,000,000 units.
The Company shall pay $44,273 in cash as a finder's fee on a
portion of this first tranche of private placement.
The Company also announces that further to its news release
dated November 7, 2007 and December 10, 2007, it has received final
TSX Venture Exchange acceptance with respect to the closing of the
second and final tranche of its convertible debenture offering, for
the gross proceeds of $30,000.
The convertible debentures are unsecured, bear interest at 12%
per annum, and are convertible into units at the rate of $0.70 per
unit. Each unit consists of one common share and one-half of a
common share purchase warrant. Each whole share purchase warrant is
exercisable into one additional common share at a price of $0.90
per share for a period of two years. The convertible debentures
mature two years from the date of issuance and are subject to a
four-month hold period, expiring August 30, 2008.
The Company paid $2,400 in cash and 3,429 agent's warrants, each
warrant being exercisable for a period of two years at an exercise
price of $0.70 per share, as finder's fees on the second and final
tranche of the convertible debenture offering.
Proceeds from both closings will be applied towards both the
purchase of manufacturing equipment and general working
capital.
Change of Auditor
The Company is pleased to announce that it has changed its
auditors from BDO Dunwoody LLP, Chartered Accountants ("BDO") to
HLB Cinnamon Jang Willoughby ("CJW") as the auditor of the
Company.
At the request of the Company, BDO resigned as the auditor of
the Company effective May 22, 2008. CJW will perform the audit of
the Company's annual financial statements for the year ended August
31, 2008.
There have been no reservations contained in BDO's reports on
any of the Company's financial statements relating to the financial
years ended August 31, 2006 and 2007 or any subsequent period, and
there are no reportable events (as defined in National Instrument
51-102 (Section 4.11)) between the Company and BDO. The Company
will be filing the required reporting package in accordance with
National Instrument 51-102.
Grant of Stock Options
The Company is pleased to announce that it has granted to
officers, directors and consultants an aggregate of 550,000 stock
options under its stock option plan. The options will be
exercisable for five years at a price of $0.50 per share.
About JER Envirotech International Corporation
JER is a global manufacturer of thermoplastic biocomposite
compounds and sheeting. The Company's patented technology utilizes
waste or by-product materials, such as wood fibre or rice hulls, to
produce environmentally friendly alternative products for
applications in the construction, transport, automotive and toy
industries. The Company currently has a range of biocomposite
formulations which it developed in collaboration with the National
Research Council - Industrial Materials Institute of Canada.
JER currently has manufacturing operations in Canada, Malaysia
and the Philippines. The Company is publicly traded on the TSX
Venture Exchange (TSX-V) under the symbol "JER" and on the
Frankfurt Stock Exchange under the symbol "KFTB."
JER ENVIROTECH INTERNATIONAL CORPORATION
"Ji Yoon"
Mr. Ji Yoon
Chief Financial Officer
International: +1 (604) 940-9262
jyoon@jerenvirotech.com
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release. This news release contains
certain forward-looking statements that reflect the current views
and/or expectations of JER Envirotech International Corp. with
respect to its performance, business and future events. Investors
are cautioned that all forward-looking statements involve risks and
uncertainties including, without limitation, those relating to
changes in the market, potential downturns in economic conditions,
foreign exchange fluctuations, demand for thermoplastic
biocomposites, competition and our ability to implement our
business plans and strategies in a timely manner or at all. These
risks, as well as others, could cause actual results and events to
vary significantly. JER Envirotech International Corp. does not
undertake any obligations to release publicly any revisions for
updating any voluntary forward-looking statements.
(2008-05 #13)
Distributed by Filing Services Canada and retransmitted by
Marketwire
For more information, visit www.jerenvirotech.com or contact:
Mr. Ji Yoon Chief Financial Officer International: +1 (604)
940-9262 Email Contact Investor Relations: Mr. Mark Komonoski VP
Corporate Communications Toll-Free: 1-877-255-8483 International:
+1 (403) 470-8384 Email Contact Email: Email Contact
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