Oriole files AIF for $1-million short form offering
Oriole Systems Inc OOL
Shares issued 20,740,597 Sep 2 close $0.30
Fri 3 Sept 99 News Release
Mr. Al Gerenser reports
The company has filed an updated annual information form with the B.C.
Securities Commission. This is a prerequisite to accessing the short form
filing entitlement under the short form offering provisions recently
announced by the B.C. Securities Commission and the Vancouver Stock
Exchange. The new rules allow companies to complete a public offering of
common shares and warrants up to $1-million in a calendar year. Purchasers
who acquire less than 2 per cent of the total offering receive shares that
are immediately tradable, without a hold period. Furthermore, the warrants
are also tradable on the VSE.
The company also takes this opportunity to provide an update as to the
status of various pending items previously announced.
Oriole has now received product samples from the Asian subcontinent, and is
conducting quality assurance and valuation inspections prior to offering
the products on the company's MyMart.net Web site. The company is working
towards completing an agreement pursuant to the memorandum of understanding
with the Bangladesh Internet Mall that was signed in June.
Oriole is also working towards finalizing the agreement for the acquisition
of 51 per cent of Succeed Technologies Inc. of Hong Kong, and that company
continues to work to complete its agreement with the Beijing International
Gem Trading Company.
With Oriole's recent strong emphasis on developing an Internet-based retail
business, the previously announced intents to acquire RS2000 Systems Inc.
and Interactive Trading Network Limited, both of Halifax, N.S., are no
longer strategically relevant. The company has decided not to seek the
required regulatory approval of these investments, and has discontinued
further discussions.
Oriole's discussions to complete the acquisition by its wholly owned
subsidiary, Oriolesystems.com, of a Nasdaq OTC Bulletin Board listed
company, is also continuing to take place.
Discussions to complete the acquisition of 51 per cent of SOS Technologies
of Los Angeles continue. |
