Business Services Industry
Bennett Environmental Convertible Debenture Closes
Business Wire, Sept 23, 1997
VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Sept. 23, 1997-- Bennett Environmenta (ME BEV) Bennett Environmental Inc., (BEI), would like to announce the closing of a convertible debenture in the amount of $600,000.
The debenture pays interest quarterly, at a rate of 10 percent per annum. The debenture matures and is due on Oct. 31, 2000. The debenture is convertible into common shares at price of $1.96 per share for an aggregate of 306,122 common shares. The debenture is secured by all the available tangible and intangible assets of the corporation, and ranks pari pasu with the company's Series I Convertible Debenture issued in August 1997.
The funds will be used for the upgrade of the company's thermal remediation facility in St. Ambroise Quebec. This work will be completed in October 1997.
As previously reported, the company has received results from its test burn at its facility at Recupere Sol Inc. for certain wastes. The equipment performed above the standards of the Quebec Ministry of Environment (MOE). These test results confirm the performance of the BEI thermal oxidizing equipment, and the results demonstrate a destruction efficiency of over 99.9999 percent, which exceeds the North American requirements for this waste.
The company has requested formal approval of its permit upgrade from the Quebec Ministry of Environment. The Ministry has characterized this approval as a formality. Receipt of the permit is expected within a few days.
Once the formal approval of the permit upgrade has been obtained from the MOE, the company will be a low cost supplier of high temperature thermal destruction services for certain special wastes. This will put the company in a position to secure the contracts cited in earlier news releases and perform the work called for therein. Additionally, the company will be able to compete for the business of remediating the large amount of special waste that requires treatment. Such special waste commands a higher processing fee than the hydrocarbon contaminated material that the plant is currently permitted to accept.
The company is engaged in the operation, development and manufacture of thermal treatment technology and equipment for the remediation of waste hydrocarbons. The company holds the only thermal waste remediation permits for treatment of contaminated soils in Quebec and British Columbia.
On behalf of the Board of Directors of BENNETT ENVIRONMENTAL INC.: JOHN BENNETT, president and chief executive officer.
CONTACT: Bennett Environmental Inc.
John Bennett, 604/681-6825
604/681-8828 (FAX)
E-Mail: info@bennettenvironmental.com
Web site: http://www.bennettenvironmental.com
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