New Issue: Reclamation Consulting sells convertible notes for $2.08 million

By Sheri Kasprzak

New York, Oct. 20 - Reclamation Consulting and Applications, Inc. concluded a $2,079,067 private placement of unsecured convertible promissory notes with Canvasback Co. Ltd.

The 10% notes are due Oct. 17, 2007 and are convertible into a total of 83,162,680 common shares at $0.025 each. The number of shares issuable upon conversion is equal to 59% of the company's outstanding stock.

Located in Lake Forest, Calif., Reclamation Consulting develops industrial lubricants and oils.

Issuer:	Reclamation Consulting and Applications, Inc.
Issue:	Unsecured convertible promissory notes
Amount:	$2,079,067
Maturity:	Oct. 17, 2007
Coupon:	10%
Price:	Par
Yield:	10%
Conversion price:	$0.025
Conversion ratio:	Into 83,162,680 shares
Warrants:	No
Investor:	Canvasback Co. Ltd.
Settlement date:	Oct. 17
Stock symbol:	OTCBB: RCAA
Stock price:	$0.12 at close Oct. 17

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