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Gold/Mining/Energy : WV-VSE WAVVE.COM

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To: Postman who wrote (145)	2/25/2000 4:07:00 AM
From: Postman	Read Replies (1) of 169

News of financing- Wavve Telecommunications Inc - Wavve to issue $50-million special warrants Wavve Telecommunications Inc WV Shares issued 60,447,494 2000-02-23 close $12.85 Thursday Feb 24 2000 Ms. Desiree Hennessy reports Wavve Telecommunications has entered into an agreement with an underwriting syndicate led by CIBC World Markets Inc. and including RBC Dominion Securities Inc., to issue on a private placement basis and subject to regulatory approval, 4,545,455 special warrants at $11.00 per special warrant for gross proceeds of $50-million. In addition, the underwriters have been granted an option until closing for an additional $7.5-million of special warrants on the same terms. The net proceeds of the offering will be used to accelerate Wavve's timetable for its build-out of Internet data centres throughout North America. Each special warrant will be exercisable into one common share at no additional consideration. The financing is expected to close on or about March 7, 2000. The company expects to file a preliminary prospectus with the securities regulatory authorities across Canada to qualify for distribution the common shares to be issued upon exercise of the special warrants.

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