No news is good news???? Here is something encouraging--they can still raise money. Just found this on the newswire.
EWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: INTERPROVINCIAL SATELLITE SERVICES LTD.
ASE SYMBOL: ISS
MARCH 10, 1998
Intersat Closes Special Warrant Financing
CALGARY, ALBERTA--INTERPROVINCIAL SATELLITE SERVICES LTD.
("INTERSAT") is pleased to announce that it has closed on the
maximum amount of the previously announced Special Warrant
financing with Whalen, Beliveau & Associates Inc. (the "Agent").
INTERSAT issued 1,400,000 Special Warrants at a price of $3.75 per
Special Warrant for gross proceeds of $5.25 Million. Each Special
Warrant is convertible at no additional cost into 1 Common Share
of INTERSAT and 1 Common Share purchase warrant ("Warrant"), each
Warrant being exercisable for a period of 18 months to acquire one
additional Common Share of INTERSAT at a price of $4.10 per Common
Share. Pursuant to the Agent's planned exercise of its 10 percent
Over-allotment Option, INTERSAT intends to distribute up to
140,000 units ("Units") of INTERSAT at $3.75 per Unit, each Unit
being comprised of 1 Common Share and 1 Warrant, and to file a
prospectus within 120 days to qualify the Common Shares and
Warrants for trading.
Net proceeds of the financing will be used for infrastructure,
roll-out, and working capital for INTERSAT's newest product and
service lines, in internet fax and satellite fixed site
monitoring.
INTERSAT is a leading developer and provider of industrial fax and
data communications services, using satellite and internet as
communications media. INTERSAT's primary satellite market is the
Canadian and international oil and gas industry, but also includes
the mining, utilities, marine, aeronautical, environmental and
public sectors. INTERSAT has also developed and is proceeding
with beta trials on and marketing of a service to enable
fax-to-fax communication via the internet. |
