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Microcap & Penny Stocks : USVO - USA Video Interactive
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To: harddog who started this subject9/29/2000 4:36:22 PM
From: Halbert   of 648
 
USA Video Interactive Corp US
Shares issued 73,466,089 Sep 28 close $4.09
Fri 29 Sept 2000 News Release
Mr. Edwin Molina reports
The private placement of convertible debentures of up to $5-million (U.S.)
announced in Stockwatch Sept. 15, 2000, will not be proceeding. Instead,
the company intends to raise up to $5-million (U.S.) under a private
placement of four-year convertible debentures with conversion prices of
$2.73 (U.S.) ($4.10 (Canadian)) during the first two years; $3.07 (U.S.)
($4.60 (Canadian)) during the third year; and $3.40 (U.S.) ($5.10
(Canadian)) during the fourth year of the term. The warrants will be
exercisable at a price equal to the conversion price of the debentures at
the time the warrant is issued, and will expire on the earlier of the last
date for exercising the convertible debentures and two years after the date
the convertible debentures were exercised. The debenture holders will have
the right to convert the debentures into units at any time before the
expiry date, which will be four years from the issue date, and the company
will have the right to convert the debentures into units at any time after
the company's common shares have traded on the Canadian Venture Exchange or
a recognized U.S. stock exchange for 30 trading days at a minimum price of
$10 (U.S.) ($15 (Canadian)). The shares issued upon the conversion of the
debentures and the exercise of warrants are subject to a 12-month hold
period from the issue date of the debentures. The convertible debentures
will bear interest at the rate of 12 per cent per year, payable in cash or
shares of USA Video at the end of each year. The debentures will be
convertible into units, each unit consisting of one common share in the
capital stock of the company and one share purchase warrant. Directors and
officers of the company will be participating in this offer. No finder's
fee will be paid with regards to the above-mentioned transaction. This
private placement is subject to regulatory approval. The private placement
proceeds will be used for the continuing marketing of USA Video's
Video-On-Demand technology and for general working capital.
(c) Copyright 2000 Canjex Publishing Ltd. stockwatch.com
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