Riviera Tool Announces Equity Financing
22 3월 2004 - 10:14PM
PR Newswire (US)
Riviera Tool Announces Equity Financing GRAND RAPIDS, Mich., March
22 /PRNewswire-FirstCall/ -- Riviera Tool Co. , a designer and
manufacturer of stamping die systems, today announced that it has
raised $1.5 million through the sale of 394,737 shares of its
common stock in a private placement to several institutional and
accredited investors. Riviera also granted warrants for the
investors to purchase additional stock, which would generate
additional capital for the Company. "Our ability to secure
additional working capital through the successful completion of
this private equity placement underscores confidence in our new
approach to stamping die management," said Kenneth K. Rieth,
chairman and CEO of Riviera. "The proceeds from this offering will
provide the necessary working capital to secure future large scale
programs and continue the growth of Riviera." In connection with
this financing, Riviera issued five-year warrants for 335,792
shares of common stock. The exercise price for 167,896 shares is
$5.07 per share and 167,896 shares at $5.53 per share. If the
warrant holders exercise the warrants in full, the Company would
receive an additional approximately $1.8 million in cash proceeds.
The purchasers also have an eighteen-monthwarrant to purchase up to
an additional 263,158 shares of common stock. If the warrant
holders exercise the warrants in full, the Company would receive an
additional approximately $1.0 million in cash proceeds. The
securities issued in the private placement have not been registered
under the Securities Act of 1933 or any state securities laws and
unless so registered may not be offered or sold in the United
States (or to a U.S. person) except pursuant to an exemption from,
or in a transaction not subject to, the registration requirements
of the Securities Act of 1933 and applicable state securities laws.
In connection with the private placement, the Company has agreed to
file a registration statement to register for resale the common
stock issued on a private placement. This announcement is neither
an offer to sell nor a solicitation of an offer to buy any of the
securities issued in a private placement. About Riviera Tool
Riviera Tool Co. (http://www.rivieratool.com/ ) designs, develops
and manufactures large-scale, custom metal stamping die systems
used in the high-speed production of sheet metal parts and
assemblies for the global automotive industry. A majority of
Riviera's sales are to Mercedes-Benz, BMW, Nissan, DaimlerChrysler,
General Motors Corp., Ford Motor Co. and their Tier One suppliers.
Forward Looking Information Information in this news release, which
is not historical, includes forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Statements contained in this press
release, including the use of proceeds from the offering; the
amount of additional cash that would be paid upon exercise of the
warrants; implementation of business strategies; and Riviera's
objectives, are forward- looking statements. All of such
forward-looking statements involve a number of important risks and
uncertainties that could cause actual results to differ materially,
including but not limited to economic, competitive, governmental
and technological. Riviera undertakes no obligation to update these
statements to reflect ensuing events or circumstances, or
subsequent actual results. DATASOURCE: Riviera Tool Co. CONTACT:
Kenneth K. Rieth, CEO, or Peter C. Canepa, CFO, of Riviera Tool
Company, +1-616-698-2100; or Investor inquiries: Jeff Lambert,
+1-616-233-0500 Web site: http://www.rivieratool.com/
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Riviera Tool (AMEX:RTC)
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