Welcome To The Raymor Industries HUB On AGORACOM

A leading Canadian developer of high technology and a producer of advanced materials and nanomaterials

Free
AGORACOM NEWS FLASH

Dear Agoracom Family,

I want to thank all of you for your patience with us over the past 48 hours and apologize for what was admittedly a botched launch of our new site.

As you can see, we have reverted back to the previous version of the site while we address multiple forum functionality flaws that inexplicably made their way into the launch.

To this end:

1.We have identified 8 fundamental but easily fixable flaws that will be corrected in the coming week, so that you can continue to use the forums exactly as you've been accustomed to.

2.Additionally we will also be implementing a couple of design improvements to "tighten up" the look and feel of the forums.

Sincerely,

George et al

Message: Private Placement in the Aggregate Amount of $1,248,861 and Files Second Default
Reply New Message
Prev Message Back To Forum Threaded View Next Message

Private Placement in the Aggregate Amount of $1,248,861 and Files Second Default

posted on May 19, 2009 07:25AM
May 19, 2009
Raymor Announces Closing of the Private Placement in the Aggregate Amount of $1,248,861 and Files Second Default Status Report
MONTREAL, QUEBEC--(Marketwire - May 19, 2009) - Raymor Industries Inc. ("Raymor") (TSX VENTURE:RAR) is pleased to announce that it has closed its previously announced private placement in the aggregate amount of $1,248,861. The proceeds will be used to finance Raymor's restructuring plan, to pay outstanding debts and for working capital purposes.

The private placement consists of the issuance of secured convertible debentures. Each debenture, bearing an annual interest rate of 25%, will mature two years from its issuance and will be convertible at the holder's discretion into units of Raymor at a conversion price of $0.05 per unit for an initial period of 12 months and thereafter at the price of $0.10 for an additional period of 12 months (the "Conversion Price"). Each unit will be comprised of one common share and one common share purchase warrant. Each common share purchase warrant will entitle the holder thereof to purchase one additional common share of Raymor at the price of $0.10 per common share for an initial period of 12 months and thereafter at the price of $0.15 per common share for an additional period of 12 months. Raymor may also, at its discretion, force the conversion of the debentures at the Conversion Price if the common shares of Raymor trade on the TSX Venture Exchange (the "Exchange"), for a period of more than 20 consecutive days, at the price of $0.20 or more during the first year and at the price of $0.40 or more during the second year. The debentures may also be converted by Raymor at the Conversion Price upon maturity of the debentures. The interest on the debentures will be capitalized and may be payable in common shares of Raymor, subject to shares for debt provisions of the Exchange and the approval of the Exchange. The debenture offering is subject to the final approval of the Exchange.

Raymor also provides its second bi-weekly Default Status Report under National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults, pursuant to which Raymor announced that the filing of its audited financial statements, management's discussion and analysis ("MD&A") and related CEO and CFO certifications for the year ended December 31, 2008 will be delayed beyond the statutory deadline of March 31, 2009. Raymor announces that its financial statements, MD&A and related CEO and CFO certifications for the first quarter ended March 31, 2009 will not be filed by the statutory deadline of May 30, 2009. Raymor currently expects that its audited financial statements and MD&A for the year ended December 31, 2009 will be completed by July 15, 2009 and that its financial statements and MD&A for the first quarter ended March 31, 2009 will be completed as soon as possible thereafter. Raymor reports that since announcing the original Notice of Default on April 27, 2009, except as stated herein, there have not been any material changes to the information contained therein; nor any failure by Raymor to fulfill its intentions as stated therein with respect to satisfying the provisions of the alternative information guidelines, and there are no additional defaults or anticipated defaults subsequent to such announcement. Further, there have been no additional material changes respecting Raymor and its affairs. Raymor intends to file its next Default Status Report by May 29, 2009.
1 Recommendations
Reply New Message
Prev Message Back To Forum Threaded View Next Message
Share
Share
New Message
Please login to post a reply