Forterra Abandons Share Consolidation
17 6월 2008 - 10:37PM
Marketwired Canada
Forterra Environmental Corp. (Forterra) (TSX VENTURE:FTE) announced that it does
not expect to proceed with the recently approved share consolidation.
On June 4, 2008, shareholders approved a resolution authorizing the
consolidation of Forterra's common shares on up to a 1-for-5 basis. That
shareholder resolution gave the board of directors the authority not to proceed
with the consolidation or to consolidate the common shares on a basis less than
1-for-5.
The principal purpose of the consolidation was to allow for a financing by
Forterra, possibly including warrants or convertible debt. The TSX Venture
Exchange will not permit warrants or convertible debt exercisable at less than
$0.10 per share. The shares of Forterra were trading below this price at the
time the consolidation was announced and the consolidation was intended to
increase the share price.
The shares of Forterra have traded above $0.10 since shortly before the recent
shareholders meeting. The board of directors has concluded that the
consolidation is no longer necessary in order to proceed with a financing.
However, the board has reserved the right to proceed with the consolidation, if
necessary.
About Forterra Environmental Corp.
Forterra Environmental Corp. is an emerging leader in the production and
marketing of premium organic soil enrichment products. These environmentally
friendly products boost fertility while replenishing the soil with organic
matter, using worm castings, for sustainable, long-term benefits, including
stronger root growth and drought and pest resistance. Forterra is the first
company to commercialize the indoor, large-scale production of totally organic
soil-enrichment products. Forterra uses red wriggler worms to convert organic
waste into vermicompost or worm castings. Worm castings contain micronutrients,
which are required for healthy plant development. Worm castings also contain
microbes, which increase the rate at which plants take up available
macronutrients and micronutrients.
Forterra Environmental Corp. (TSXV:FTE)
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Forterra Environmental Corp. (TSXV:FTE)
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