FIRST TORONTO ISSUING DEBENTURE TO DUTCH PARENT
<First Toronto Capital Corp> said it
planned to issue a five mln dlr convertible debenture to its
Dutch parent, Arcalex B.V., which if fully converted would
raise Arcalex's stake in First Toronto to 62 pct from 54 pct.
    It said the debenture would have a five-year term, bear 10
pct yearly interest and be redeemable by First Toronto after
one year at issue price.
    First Toronto, an investment bank, also said it planned to
grant directors an option expiring March 1, 1992 to acquire up
to 500,000 First Toronto common shares at five dlrs each.
 Reuter
