NEWS RELEASE......
I'm not sure what this means. can someone explain it to me
Cancall - News Release
April 25, 1997
Private Placement of 1,666,666 Units @ $0.36 Each
ÿÿÿÿRobert Kamyszek, Chief Administrative Officer, Director of Cancall Cellular Communications Inc., announces that the Company has reached agreement on a private placement in the amount of $600,000 representing 1,666,666 units at $0.36 per unit. Each unit consists of one common share and one warrant entitling the holder to purchase an additional common share at $0.36 per share for one year from the payment date and at a price of $0.42 per share within the second year following the payment date. The placement is subjected to Vancouver Stock Exchange approval. The Company will not be preceding with the private placement of 500,000 units at $0.76 per unit announced on January 2, 1997, and the private placement of 500,000 units at $0.68 per unit announced on March 18, 1997.
ÿÿÿÿThe Company is also pleased to announce the closing of the private placement of convertible debentures announced on September 3, 1996. The Company has issued 13 convertible debentures in the aggregate principle amount of $2,265,700 bearing interest at the rate of 10%
per annum for five years until October 31, 2001. The debentures are convertible into common shares of the Company at the preliminary exercise price of $1.66, subject to further terms and conditions in the debentures. |
