Infowave closes special warrant financing
/NOTE: NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES
WIRE SERVICES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS./
BURNABY, BC, June 30 /CNW/ - Infowave Software, Inc. (VSE:IWM) today
announced that it has closed a first tranche of its special warrant private
placement financing announced on June 18, 1999. The Company has sold a total
of 1,415,000 special warrants at a price of $3.25 per special warrant, for
total gross proceeds of $4,598,750. The Company anticipates that a second
tranche of special warrants will be completed on or before July 7, 1999. The
private placement was completed through Canaccord Capital Corp., Yorkton
Securities Inc., Sprott Securities Ltd. and Taurus Capital Markets Ltd.
The special warrants have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an applicable exemption from registration
requirements.
An aggregate of $2,533,721.25 of the gross proceeds was released to the
Company at closing. The balance of the proceeds was placed in escrow with
Montreal Trust Company of Canada 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.
About Infowave
Infowave is a world-class software developer. The company was founded in
1984 and is headquartered in Vancouver, Canada. Infowave's Imaging Division
builds award-winning printing solutions. Infowave's PowerPrint(R) and
StyleScript(R) software kits provide Apple(R) Macintosh(R) 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.
(c) 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. |
