Algo completes C$3 million private placement

By Laura Lutz

Washington, Feb. 2 - Algo Group settled a private placement for at least C$3 million.

Terms of the private placement were not released.

The placement was required under a debt reduction agreement with the company's primary lenders. Under the Nov. 23 agreement, lenders will cancel about C$9.5 million of the company's outstanding debt.

Based in Montreal, Algo is a clothing manufacturer and importer.

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