NEWS RELEASE
INFOWAVE ANNOUNCES AMENDED SPECIAL WARRANT FINANCING
Burnaby, British Columbia, June 18, 1999 - Infowave Software, Inc. (VSE:
IWM) today announced that the terms of the brokered private placement
previously announced on May 10, 1999 have been amended. The private
placement will be for a minimum of 1,230,770 special warrants to be offered
at $3.25 per special warrant. Each special warrant will be exercisable
without payment of additional consideration, for one unit comprised of one
share of Infowave and one-half of one share purchase warrant. Each whole
share purchase warrant will entitle the holder to purchase an additional
share of Infowave at $3.75 for one year from the date of the closing of the
private placement. Canaccord Capital Corp., Yorkton Securities Inc., Sprott
Securities Ltd. and Taurus Capital Markets Ltd. (the "Agents") will act as
agents on a best efforts basis for the offering. Infowave will have veto
power on all proposed subscribers to the private placement.
The minimum gross proceeds of the offering will be $4,000,000. If the
minimum subscription is not obtained by June 30, 1999, all subscription
funds received will be returned to subscribers. A total of 60% of the gross
proceeds of the offering will be released to Infowave at the closing of the
private placement. The remaining 40% of the gross proceeds will be placed in
escrow and will be released to the company upon the issuance of receipts for
a final prospectus qualifying for distribution the common shares and
purchase warrants to be issued upon exercise of the special warrants.
Infowave will use its reasonable efforts to obtain a receipt for the final
prospectus within 90 days after the closing date. The proposed sale of the
special warrants is subject to the approval of the Vancouver Stock Exchange
and all other applicable regulatory approvals and is expected to close on or
before June 24th, 1999.
The Agents will be paid an agents' fee equal to 7.5% of the gross proceeds
of the private placement. In addition, the Company will issue warrants to
the Agents entitling them to purchase such number of common shares equal to
10% of the number of special warrants sold at a price of $3.25 until 12
months from the closing of the sale of the special warrants.
The proceeds of the offering will be used for expanding product development
and market development of Infowave's wireless computing business.
About Infowave
Infowave is a world-class software developer with a proven management team
and powerful strategic alliances. The company was founded in 1984 and is
headquartered in Vancouver, Canada. Infowave's Imaging Division builds
award-winning printing solutions. Infowave's PowerPrint® and StyleScript®
software kits provide Apple® Macintosh® users with improved print quality
and access to more than 1,600 printers. Infowave's Wireless Division builds
mobile business solutions that use the power of wireless communications to
extend the reach of enterprise computing. Infowave for Exchange and Infowave
for the Net are the most advanced and secure wireless solutions for
connecting mobile workers to key corporate information and applications.
Contact Information
Corporate:
Infowave Software, Inc.
Richard Mockett
ir@infowave.com
800-463-6928
Investor Relations:
The Investor Relations Group
Steve Hanson
irg@invrel.com
800-444-9214
Media:
Media Profile
Tanis Robinson
tanis@mediaprofile.com
416-504-8464
© 1999 Infowave Software, Inc.- Infowave, the Infowave logo, PowerPrint and
StyleScript are trademarks of Infowave Software, Inc. All other trademarks
are the property of their respective owners. Some of the above trademarks
may be registered in certain jurisdictions. This news release may contain
certain forward-looking statements that involve risks and uncertainties such
as competitive factors, technological developments and market demand. Actual
results could differ materially from the Company's expectations. The
Vancouver Stock Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release. |
