NEWS:
BCB Holdings Inc -
Terms of rights offering
BCB Holdings Inc
BIV
Shares issued 11564000
1997-10-01 close $0.16
Friday Oct 3 1997
Mr Peter Vanderlee reports
The company will offer new shares through the issuance of rights to holders of
shares, warrants and convertible debentures, as of record Friday, October 10
1997. Five rights and the payment of $0.15 will be required to purchase one new
share. Purchases must be in minimum amounts of 100 shares and multiples
thereof. The rights will expire on the close of business, Monday, November 3
1997.
One right will be granted for each (i) share, (ii) warrant, (iii) $0.25 principal
amount of 8% convertible debentures, and (iv) $0.20 principal amount of 12%
convertible debentures held at the close of business on the record date.
The estimated net proceeds of this offering, assuming all rights are exercised, will
be approximately $1,010,000, after payment of expenses of issue including fees
payable to the soliciting dealers. The managing soliciting dealer will be Jones,
Gable & Co.
The proceeds of this issue will be applied to (i) sales and marketing, (ii) software
and hardware development, (iii) continued research and development, (iv)
advances to BCB's newly acquired subsidiary, Granville Research, (v) repayment
of the 12% convertible debentures, and (vi) to improvement of working capital. |
