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Microcap & Penny Stocks : OTC:BB FTGX: Fibernet Telecom Group
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To: Andrew G. who wrote ()9/29/1999 4:02:00 PM
From: Frank A. Coluccio  Read Replies (3) of 79
 
FiberNet Telecom Group Closes $7.77 Million Financing
Business Wire - September 29, 1999 10:31
NEW YORK--(BUSINESS WIRE)--Sept. 29, 1999--FiberNet Telecom Group, Inc. (OTCBB: FTGX) said today that an investor group led by Signal Equity Partners, L.P. had purchased $7.77 million of newly issued 8% Secured Convertible Notes due 2004 of the Company in a private placement. The Notes are convertible into common stock of the Company at any time at an exercise price of $3.00 per common share, subject to anti-dilution adjustments. The Company also has the right, at its discretion, to place an additional $4.73 million of Notes on substantially the same terms.

Net proceeds of the private placement will be used for infrastructure build-out and for general working capital, the Company said.
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