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SSG Sigma Industries

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Share Name Share Symbol Market Type
Sigma Industries TSXV:SSG TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Sigma Industries obtains shareholder approval to proceed with private placements

24/04/2014 10:00pm

PR Newswire (Canada)


Sigma Industries Inc. (TSXV:SSG)
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SAINT-ÉPHREM-DE-BEAUCE, QC, April 24, 2014 /CNW Telbec/ - Sigma Industries Inc. ("Sigma" or the "Company") (TSXV: SSG) announces that it has obtained the conditional approval of TSX Venture Exchange and the approval of its shareholders not having an interest to undertake private placements with Investissement Québec and with Sigma shareholders of a secured loan and secured convertible debentures to a maximum amount of $1,925,000. The proceeds will be added to the Company's working capital to support day-to-day operations and the orderly execution of the transfer of its U.S. operations to Quebec announced on March 17, 2014.

Subject to compliance with certain conditions, including an additional capital outlay by Sigma shareholders in the form of secured convertible debentures to a maximum amount of $475,000 (the "Convertible Debentures"), Investissement Québec is willing to grant Sigma a second secured loan, to a maximum amount of $1,450,000, with a term of 8 years, bearing interest at an annual rate of 10% payable quarterly, and convertible in whole or in part, at any time over the 5 years following its disbursement, into common shares of Sigma at $0.10 per share, until the maximum number of shares held by Investissement Québec equates to 42.6%  of issued and outstanding Sigma shares, on an entirely diluted basis (the "Convertible loan").

The Convertible Debentures of a term of 5 years will bear interest at 10% annually, payable quarterly, and will be convertible at any time, in whole or in part, into Sigma common shares at a price of $0.10 per share.

These private placements are subject to final approval by the TSX Venture Exchange.

ABOUT SIGMA INDUSTRIES
Sigma Industries Inc. (TSX-V: SSG), a manufacturing company specializing in the production of composite components, has two operating subsidiaries and employs 400 people. The Company is active in the heavy-duty truck, coach, transit, machinery and wind energy markets. Sigma sells its products to original equipment manufacturers and distributors in the United States, Canada and Europe.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE SIGMA INDUSTRIES INC.

Copyright 2014 Canada NewsWire

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