Modern Records completes two private placements
Modern Records Inc MZR
Shares issued 19,680,000 Jan 5 close $1.15
Thu 6 Jan 100 News Release
Mr. John Grandin reports
Further to the news release in Stockwatch Nov. 8, 1999, Modern Records has
completed a private placement of 200,000 units at a price of 75 cents per
unit for gross proceeds of $150,000. Each unit comprises one common share
in the capital of the company and one non-transferable share purchase
warrant, entitling the holder to purchase over a two-year period one
additional common share of the company at a price of 90 cents per share
during the first year and at a price of $1.25 per share during the second
year.
The units will not be registered in the United States and are subject to
applicable restrictions on transfer under United States securities laws.
The common shares and share purchase warrants comprising the units are
subject to a statutory hold period expiring at 12 midnight, PT, on May 5,
2000.
Also, further to a subsequent news release in Stockwatch Nov. 18, 1999, of
the company has completed a second private placement of 1.35 million units
at a price of 75 cents per unit for gross proceeds of $1,012,500. Each unit
comprises one common share in the capital of the company and one
non-transferable share purchase warrant, entitling the holder to purchase
over a two-year period one additional common share of the company at a
price of 90 cents per share during the first year and at a price of $1.25
per share during the second year.
These units will not he registered in the United States and are subject to
applicable restrictions on transfer under United States securities laws.
The common shares and share purchase warrants comprising the units am
subject to a statutory hold period expiring at 12 midnight, PT, on May 5,
2000.
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