News,
SUREFIRE COMMERCE INC. Canadian Quotes from Telenium MTP. (TSE)
Attention Business Editors:
SureFire Commerce to raise $21 million
Net Proceeds To Accelerate Expansion of New E-Commerce Business
MONTREAL, Feb. 3 /CNW/ - SureFire Commerce Inc. has entered into an
agreement with an underwriting syndicate led by CIBC World Markets Inc. to
issue, on a private placement basis, 3,000,000 special warrants at a price of
$6.00 per special warrant for gross proceeds of $18 million, subject to
regulatory approval. The Underwriters have also been granted an over-allotment
option for the issuance of an additional 500,000 special warrants under the
same terms. The financing is expected to close on or about February 16, 2000.
This financing, together with the company's already existing cash
reserves, will enable it to accelerate the expansion of the company's mission
critical, fault tolerant web-hosting infrastructure; enhance its call centre
to handle anticipated increases in volumes from merchants going online; and
increase the number of developers and coders.
Each special warrant will be exercisable into one common share for no
additional consideration. The company shall be filing a preliminary prospectus
in order to clear the issuance of these common shares in the upcoming weeks.
Two thirds of the net proceeds of the offering will be released to the company
upon closing, with the remaining one third to be released upon the clearing of
the final prospectus.
The offered securities will not be registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold within the
United States or to, or for the account or benefit of, U.S. persons.
SureFire Commerce Inc. (TSE:MTP) offers small- and medium-sized
businesses end-to-end e-commerce solutions using proprietary technology in the
areas of transaction processing and merchant enabling. SureFire Commerce is
headquartered in Montreal, Canada. |
