If the Company determines not to proceed with such a change of business for whatever reason, or the CDNX has not accepted such change of business on or before August 30, 2002, the Company will be required to offer to repurchase the Special Warrants from the placees at the original price plus interest earned on the subscription proceeds during the period from closing until such repurchase occurs.
At such time as the Company has completed its assessments of these sites, and the proposed projects and obtained the necessary information and assurances, and has prepared a comprehensive business plan for completing a power generation project on at least one of such sites (or other such sites as may be identified) and believes that it is feasible to proceed with the implementation of the business plan, the Company will be required to comply with Policy 5.
We support the decision by the Board and management to proceed with the sale process through Chapter 11, and we intend to submit a bid for the Company in its entirety.
BRIDGE said that the parties to that agreement have elected not to enter into a definitive agreement regarding a prepackaged filing and that instead, Bridge will now proceed with a normal Chapter 11 reorganization.
This allowed the Company to proceed with a new investment group to complete an interim private placement this past week.
The Company also announced that it is continuing financing efforts with this new investment group and will be making application to the ASE to proceed with a further private placement financing.
Attwood: Attwood will proceed with
the special warrant private placement announced on July 11, 1996 as to 1.