LUMM news
DORVAL, QUEBEC, Sep 8, 1999 (BUSINESS WIRE) -- Lumenon Innovative Lightwave Technology Inc. (OTC BB:LUMM) is pleased to announce that it has reached an
agreement with Groome Capital on September 1, 1999 for a private placement of 407,000 units at US$4.00 per unit for gross proceeds of US$1,628,000.
Each unit includes one common share and one common share purchase warrant. Each warrant entitles its holder to acquire one common share of the company at a price of
US$6.00 on or before September 1, 2000. The closing is expected to take place before September 14, 1999. The net proceeds of this placement will be used to initiate the
expansion of Lumenon's production capacity from its present capacity of 20 chips per day to at least 500 chips per day by the end of year 2000. With this placement
Lumenon will have 21,582,000 common shares outstanding and 37,121,366 fully diluted, taking into account the maximum number of shares to be issued under its
agreements with Molex Incorporated, and all shares issuable under existing warrants and stock options.
Lumenon designs, develops and builds integrated optics devices in the form of compact hybrid glass circuits on silicon chips. Lumenon's shares are listed under the symbol
LUMM (OTC BB). For more information on Lumenon contact: Stephen Litwin, Investor Relations, Tel. 514-631-0023, Fax: 514-631-0053. More information on Lumenon is
available at lumenon.com.
This press release contains certain "forward-looking" statements, as defined in the United States Private Securities Litigation Reform Act of 1995, that involve a number of
risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from
management's current expectations. Such factors are detailed from time to time in the Company's filings with the regulatory authorities having jurisdiction.
No regulatory authority has approved nor disapproved the content of this release. |
