June 15 (Reuters) - Nordex Explosives Ltd NXX.V
* 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: ID:nCCNZmV8w
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