Wescam Announces Conversion Of Convertible Debentures
Into Common Shares
FLAMBOROUGH, ONTARIO--Wescam Inc. (TSE:WSC) today announced that
it has issued 1,287,000 common shares to HSBC Capital (Canada)
Inc., pursuant to the conversion of the entire $5 million
principal amount outstanding under its 9% Convertible Subordinated
Debentures.
In 1998, Wescam issued two convertible subordinated debentures, in
aggregate principal amount of $5 million, to HSBC Capital (Canada)
Inc. Those debentures allowed Wescam, at any time after July 13,
2000 but upon satisfaction of certain criteria, to require
conversion of the aggregate principal amount outstanding.
Pursuant to the terms of the debentures, $3 million was converted
into common shares at a price of $3.70 per share and $2 million
was converted into common shares at a price of $4.20 per share.
The closing price on the TSE of the common shares on July 20, 2000
was $6.15.
Wescam is the world leader in the design and manufacture of
wireless visual information systems, providing real-time images as
information for a variety of government and commercial customers
around the globe. Wescam captures images from moving platforms
that range from aircraft, helicopters, airships and the Space
Shuttle to racing cars, tracks, boats and cranes and transmits
those images by wireless communication link to the end user. |
