Wavve Telecommunications Inc WV
Shares issued 60,447,494 1899-12-30 close $0
Wednesday Oct 27 1999
Also Gran Colombia Resources Inc (GRM)
Effective at the opening, Nov. 1, 1999, the common shares of the company will commence trading on the Vancouver Stock Exchange. The company was previously listed, up until the close of trading on Oct. 29, 1999, on the Toronto Stock Exchange under the name Gran Colombia Resources Inc. The company is classified as a venture company.
Corporate jurisdiction: Yukon
Capitalization: 60,447,494 shares issued
Escrow: Nil
Transfer agent: Equity Transfer Services Inc.
Trading symbol: WV
Cusip No: 944037 10 0
Sponsoring member: Canaccord Capital Corporation
Eligible for margin: Upon listing
For further information, please refer to the company's filing statement dated Oct. 26, 1999.
The Vancouver Stock Exchange has accepted for filing the company's filing statement dated Oct. 26, 1999, which includes the following:
Acquisition
A share-purchase agreement dated Aug. 31, 1999, among Gran Colombia Resources Inc., Wavve Telecommunications Inc. and the shareholders of Wavve (Robert Ingraham, 51 per cent, with 13 other shareholders with 7 per cent or less), whereby Gran will acquire all of the shares of Wavve. On Oct. 27, 1999, Gran will change its name to Wavve Telecommunications Inc. For each share of Gran Colombia Resources held, shareholders will subsequently own one share of Wavve Telecommunications. Consideration consists of 23,210,595 shares. The consideration shares have been placed in escrow for one year pending Wavve achieving, or substantially achieving, a number of performance objectives by Oct. 1, 2000. The escrowed shares have been divided into two tranches of 14,506,622 shares and 8,703,973 shares. If the performance objectives are not met, Wavve (formerly Gran Columbia Resources Inc.) shall have the right to repurchase the first tranche of 14,506,622 shares from the Wavve shareholders in exchange for transferring back to such persons their shares in Wavve and to cancel the second tranche of 8,703,973 shares.
Wavve is a facilities-based provider of high performance, managed data and voice networking co-location services providing physical and virtual hosting to e-commerce operations, commercial and industrial businesses and Internet service providers.
A valuation report dated Oct. 21, 1999, has been prepared by Evans & Evans which provides a valuation for Wavve premised on the company achieving the above noted performance objectives by Oct. 1, 2000.
In connection with the acquisition, a total of 1,658,578 shares are payable to LOM Capital Limited (private Bermudan brokerage and investment banking firm, wholly owned by Lines Overseas Management Limited whose principals are Brian Lines and Scott Lines).
Bonuses
A share bonus plan dated Aug. 31, 1999, providing for the issuance of a maximum of 2,578,955 shares to key employees of the company. No grants have been made to date.
Stock option plan
A stock option plan dated Oct. 26, 1999, providing for the issuance of a maximum of 7,113,664 stock options, of which 3,116,000 have been issued.
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