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Gold/Mining/Energy : Dynamic Digital Depth Inc (DDE was Xenotech)
DDE 2.640+0.8%Mar 28 5:00 PM EST
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To: mike kennedy who wrote (57)7/7/1997 1:48:00 PM
From: mike kennedy   of 141
 
To All,

July 7, 1997

Corporate Update

XENOTECH INC. (the "Company") (ASE:"XEN") announces that The Liverpool Limited Partnership and Westgate International, L.P., entities
under common management with Elliott Associates L.P., a New York based investment group, have subscribed US$1 million by way of 5 percent
convertible promissory notes issued by the Company. The notes can be converted into common shares at a price of US$0.20 per share.

A second convertible note for US$1 million may also be executed with the investors upon the Company attaining certain commercial milestones and,
in the event of the second traunche being converted, the conversion price shall be the lesser of the average closing price, after April 1, 1998, of the
Company's shares on The Alberta Stock Exchange for the 20 day trading period prior to the conversion of the second note into Company common
shares, or the average closing price of the Company's common shares on the US NASDAQ market for the first 20 day trading period in the event that
the Company's shares are listed.

Management expects that this financing will provide the capital necessary to conclude commercial arrangements which are presently under negotiation.
Additionally, the capital will be used to fund the establishment of marketing operations in the USA.

FOR FURTHER INFORMATION PLEASE CONTACT:

Xenotech Inc. Mr. Robert Baker Chief Executive Officer 011-619-446-3366 bobbaker@xenotech.com.au
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