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Gold/Mining/Energy : AIT Advanced Information Technologies Corp.
AIV 5.710+0.3%Nov 26 3:59 PM EST
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To: hugh thorne who wrote (35)10/12/1997 12:46:00 AM
From: Lee Matheson   of 130
 
AIT CORPORATION UNDERTAKES PRIVATE PLACEMENT OF SPECIAL WARRANTS

OTTAWA, Ontario, Oct. 10 /CNW/ - AIT Advanced Information
Technologies Corporation today announced the initial completion
of the private placement of 3,620,000 special warrants at $2.21 per
warrant for total gross proceeds of $8,000,200 through Marleau Lemire
Securities Inc. and RBC Dominion Securities Inc. One-half of the net
proceeds has been released to AIT.

The special warrants subject to regulatory approval will be issued
as fully paid, privately placed securities and will be exercisable by
holders, without further payment, into publicly traded common shares
of AIT, on the basis of one common share for each special warrant held
on the 5th business day following the date AIT is issued a receipt by
the securities regulatory authorities for the final prospectus
qualifying the distribution of common shares to be issued on the
exercise of the special warrants. If a final receipt is not obtained
by the 120th day following the initial closing, special warrant
holders will have the option to surrender 50% of their special
warrants for repayment of the initial subscript price plus interest
and or retain and exercise any special warrants on the basis of one
common share and one extra warrant for each special warrant so held.
Each extra warrant may be redeemed for 0.20 common shares at a price
of $2.65 per common share for the period of one year.

AIT's vision of supplying ''Innovative Technology for a Safer
World'' consists of two business areas: Identification Products in
which the Company is the world's leading supplier of software based
systems for the issuance and inspection of machine readable travel
documents and Interactive Security Products where the Company supplies
digital recording and video telesurveillance products for personal and
asset security. AIT stock is traded on the Toronto Stock Exchange
under the symbol AIV.
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