DataWave Systems Inc -
DataWave $7.8-million (U.S.) financing
DataWave Systems Inc
DTV
Shares issued 40,120,041
2000-04-07 close $0.95
Monday Apr 10 2000
Mr. John Gunn reports
DataWave Systems has entered into an agreement with
Atlantic Communications International Limited of Nassau,
Bahamas (ACI), and affiliated companies, for a private
placement of 12 million units, at a price of 65 U.S. cents
(plus/minus 95 Canadian cents) per unit, for total proceeds of
$7.8-million. Four million units will be issued to ACI and
four million units each will be issued to Transworld
Investment & Securities Limited and Axis Capital Investment
Limited, both of Nassau, Bahamas.
Each unit will consist of one common share and one
non-transferable share purchase warrant. Each warrant will
entitle the holder to acquire one common share for a period of
two years, at a price of 75 U.S. cents per share.
The units comprising the shares, and any shares issued on the
exercise of the warrants included in the units during the first
year of their term, will have a hold period expiring one year
after closing.
Last year ACI acquired 10 million shares and warrants for an
additional 10 million shares of the company pursuant to a
private placement. ACI has a beneficial interest in a further
three million shares and warrants for an additional three
million shares of the company. If the private placement
receives approval, ACI will have beneficial ownership of 25
million shares of the company, representing 46 per cent of the
issued and outstanding shares of the company. If all the
warrants beneficially owned by ACI and affiliates are
exercised in full, ACI and affiliates will beneficially own 50
million shares of the company, representing 57 per cent of the
then issued and outstanding shares of the company.
The proceeds of this private placement will be used for
working capital, to further develop the DataWave system, for
joint ventures and for acquisition of related businesses.
This private placement is subject to regulatory approval.
WARNING: The company relies on litigation protection for
"forward-looking" statements.
(c) Copyright 2000 Canjex Publishing Ltd.
canada-stockwatch.com |
