Financing raised for United Reef

South African-based Trans Hex Group has purchased a $4- million convertible debenture issued by United Reef (TSE).

The debenture is convertible, either in whole or in part at the option of Trans Hex, into common shares of United Reef on the basis of one United Reef share for every 75 cents of indebtedness. The maximum number of shares issuable to Trans Hex would be in excess of 5.8 million.