CIMATEC ENVIRONMENTAL ENGINEERING INC.
TSX VENTURE : CEG

CIMATEC ENVIRONMENTAL ENGINEERING INC.

September 02, 2005 13:29 ET

Cimatec Environmental Engineering Inc. Announces Extension of Previously Announced Financings

TORONTO, ONTARIO--(CCNMatthews - Sept. 2, 2005) -

Attention Business/Financial Editors:

Cimatec Environmental Engineering Inc. (TSX VENTURE:CEG) ("Cimatec") advises that the TSX Venture Exchange has agreed to extend the price protection period for the proposed financings described below from August 31, 2005 to September 26, 2005.

As previously announced, Cimatec proposes to issue two convertible three-year term secured debentures in exchange for $800,953.00 of existing demand loans and certain trade payables. The principal amount of each convertible debenture will be convertible at the option of the holder at $0.20 per common share. The balance of certain existing demand loans and trade payables, totalling $554,644.06, will be exchanged for 2,030,961 common shares at a rate of $0.15 per common share, and for 1,666,667 units at a rate of $0.15 per unit. Concurrently in an arm's length private placement Cimatec will issue 670,000 units at a price of $0.15 per unit. Each unit issued will comprise one common share and one common share purchase warrant. Each warrant issued will be exercisable for a period of one year at an exercise price of $0.20 per share.

Each of the securities issued will be subject to a four-month hold period commencing on the date of distribution.

THIS PRESS RELEASE WAS PREPARED BY CIMATEC ENVIRONMENTAL ENGINEERING INC. WHICH ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY. NO REGULATORY AUTHORITY OR SIMILAR BODY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

The TSX Venture Exchange does not accept responsibility for the accuracy or adequacy of this news release.

Contact Information

  • Cimatec Environmental Engineering Inc.
    Andrew Roblin
    Chief Executive Officer
    (416) 289-8882
    (416) 289-4185 (FAX)
    andrew@cimatec.com