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Technology Stocks : Plaintree (TSE:LAN,NASDAQ:LANPF)
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To: dr.putty who wrote (1522)3/15/2000 3:16:00 PM
From: pjd22  Read Replies (1) of 1606
 
Here is the press release from yesterday.

Plaintree plans $10-million warrant Issue

Plaintree Systems Inc LAN
Shares issued 70,461,807 Mar 13 close $2.85
Tue 14 Mar 2000 News Release
Ms. Kira Pejemsky reports
Plaintree Systems has appointed Taurus Capital Markets Ltd. as agent to
assist Plaintree, on a best efforts basis, in raising up to $10-million
through a proposed issue of special warrants.
Each special warrant, which will be sold at an effective price of $1 per
unit, will entitle the holder to receive one common share and one-half
common share purchase warrant of Plaintree. Each full purchase warrant
entitles the holder to purchase one common share priced at the lesser of
the closing price on the day before the closing date or $2. The purchase
warrants will be exercisable for a period of 15 months from the closing
date.
The closing date is currently anticipated to occur on March 30, 2000,
subject to receipt of all necessary regulatory approvals and execution of
definitive documentation.
Proceeds raised will be used to accelerate product development and provide
additional working capital to support Plaintree's business plan, which
includes strategic acquisitions.
"We view this placement as a way to accelerate our development on both the
Plaintree WaveSwitch and FiRLAN wireless line of products and to bring new
products to market in a more timely fashion," said Dave Watson, president
and chief of Plaintree.
(c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com
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