BRIEF-Nordex Explosives says board to support change of control and go private transaction with EPC

Wed Jun 15, 2016 8:27am EDT
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June 15 (Reuters) - Nordex Explosives Ltd

* Entered into a binding letter of intent with societe anonyme d'explosifs et de produits chimiques

* Nordex explosives ltd says board of directors has agreed to support a change of control transaction and a going private transaction with epc

* Proceeds of change of control transaction will be used for debt repayment and for working capital

* Nordex will issue a total of 41.4 million common shares of corporation at price of $0.12 per share for gross proceeds of about $5 million

* Corporation will continue to hold a leasing facility and a revolving credit facility advanced by RBC

* Nordex explosives ltd says upon completion of change of control transaction epc will, directly or indirectly, hold 67% of outstanding common shares

* All of current holders of common shares other than epc would receive $0.15 per share and epc would become sole shareholder of nordex Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)