CONCORD, ONTARIO, June 27, 2008 - Forterra Environmental Corp.
(Forterra) (TSX VENTURE:FTE) announced that it has agreed to engage Euroglobal
Capital Partners Inc. to act as agent (the "Agent") for a private placement of
up to 16,680,000 units at $0.15 per unit, for total proceeds of up to
$2,502,000. Each unit will consist of one common share and one-half of one
common share purchase warrant. The common share purchase warrants are
exercisable for 24 months following closing at an exercise price of $0.25 each.
The proceeds of the private placement will be used for working capital
purposes. The closing of the private placement is expected to take place on
July 8, 2008 and is subject to regulatory approval.
As part of its remuneration, the Agent will receive warrants to purchase units
equal to 7% of the units issued under the offering. Those warrants are
exercisable at $0.15 each for a period of 24 months following closing.
About Forterra Environmental Corp.
Forterra manufactures and markets powerful and environmentally friendly soil
enhancers, using worm castings, which boost fertility while restoring the soil
with organic matter for sustainable, longer-term benefits, including stronger
root growth, and drought and pest resistance. Forterra products contain only
organic material. They are ideal for golf courses, sports fields, lawn care,
parks, nurseries, orchards, and vineyards. Forterra produces commercial
quantities of premium worm castings year round at its Toronto plant.
Essentially, 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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information:
Don Green
Chairman and Chief Executive Officer
Phone: 905-634-8647
Email: green@forterra.com |