Cambior closes financing (March 25, 2002)

Regulators have approved of Cambior‘s (cbj-t) issuance of 21.3 million units to raise $27.75 million. Consequently, the company now has 126.2 million shares outstanding.

Cambior completed the deal earlier this year but had to file a short form prospectus to list the resulting shares and 10.7 million warrants for trading. The warrants mature in 12 months and can be exchanged for shares at $1.70 apiece.

The proceeds have been set aside for working capital purposes. At the year’s start, Cambior had $3.7 million more in current assets than in short-term liabilities.