(COMTEX) B: LML PAYMENT SYSTEMS INC - 716377 Alberta Ltd. Acquires LM
B: LML PAYMENT SYSTEMS INC - 716377 Alberta Ltd. Acquires LML Shares
New York, New York, Dec. 06, 1999 (Market News Publishing via COMTEX)
-- 716377 Alberta Ltd. ("716377") announces that it has acquired, for
investment purposes, 616,666 common shares of LML Payment Systems Inc.
("LML") upon the exercise of warrants held by it and now holds together
with shares previously held, directly and indirectly, 1,552,886 common
shares or approximately 12.05% of the outstanding shares of LML.
Destiny Petroleum Inc., Lancia Investments Ltd., 719774 Alberta Ltd.
and Robert Moore may be considered to be acting in concert with 716377
Alberta Ltd. Each of the foregoing companies are wholly-owned by Mr.
Moore.
After giving effect to the exercise of the warrants, 716377 directly
or indirectly owns 1,552,886 common shares of LML representing 12.05%
of the issued and outstanding common shares of LML. A further 883,283
preference shares of LML's subsidiary, LHTW Properties Inc. ("LHTW"),
are held by Destiny Petroleum Inc. which are currently convertible into
3,533,132 common shares of LML. If the preference shares had been
converted, 716377 would hold, directly or indirectly, 5,086,018 common
shares of LML, representing 29.86% of the then issued and outstanding
common shares of LML.
716377 presently has no intention to increase his beneficial ownership
of securities of LML through purchases of issued shares. However,
Destiny Petroleum Inc. may elect to convert some or all of the
preference shares of LHTW in the future.
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TEL: (403) 233-8282 Robert Emerson Moore, President
TEL: (403) 233-8282 Robert Emerson Moore, Presiden
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