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Gold/Mining/Energy : USA Video Interactive (US:ASE)
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To: Nick Morvay who wrote (1837)9/16/2000 1:22:42 AM
From: Nick Morvay  Read Replies (1) of 1841
 
USA Video to raise up to $5-million (U.S.) privately

USA Video Interactive Corp US
Shares issued 73,466,089 Sep 14 close $4.99
Fri 15 Sept 2000 News Release
Mr. Tony Castagno reports
USA Video Interactive intends to raise up to $5-million (U.S.) under a
private placement of four-year convertible debentures. The convertible
debentures will bear interest at the rate of 12 per cent per year payable
in cash or shares of USA Video at the end of each year. The debentures will
be convertible into units, each unit consisting of one common share in the
capital stock of the company and one share purchase warrant. The conversion
price of the debentures will be $3.35 (U.S.) ($5.00 (Canadian)) during the
first two years, $3.69 (U.S.) ($5.50 (Canadian)) during the third year and
$4.02 (U.S.) ($6.00 (Canadian)) during the fourth year of the term. The
warrants will be exercisable at a price equal to the conversion price of
the debentures at the time the warrant is issued and will expire on the
earlier of the last date for exercising the convertible debentures and two
years after the date the convertible debentures were exercised. The
debenture holders will have the right to convert the debentures into units
at any time before the expiry date, which will be four years from the issue
date, and the company will have the right to convert the debentures into
units at any time after the company's common shares have traded on the
Canadian Venture Exchange or a recognized United States stock exchange for
30 trading days at a minimum price of $10.00 (U.S.) ($14.90 (Canadian)).
The shares issued upon the conversion of the debentures and the exercise of
warrants are subject to a 12-month hold period from the issue date of the
debentures. Directors and officers of the company will be participating in
this offering. No finder's fee will be paid with regards to the above
mentioned transaction. This private placement is subject to regulatory
approval. The private placement proceeds will be used for the continuing
marketing of USA Video's Video-On-Demand technology and for general working
capital.
WARNING: The company relies on litigation protection for "forward-looking"
statements.
(c) Copyright 2000 Canjex Publishing Ltd. stockwatch.com
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