$277,000 financing and escrow release
PeakSoft Corp PKT
Shares issued 11,025,700
Mar 3 close $0.32
Wed 4 Mar 98
Mr Doug Foster reports,
PeakSoft Corporation (ASE:PKT) today has reached an agreement in principle with The Liverpool Limited Partnership and Westgate International, LP, (the investors), entities under common management of Elliott Associates, LP, (EIliott), to release C$277,000 consisting of C$200,000 of new financing and C$77,000 released from escrow pursuant to the agreement announced September 9 1997 between Peak and Elliott and amended January 29 1998 and February 26 1998.
The financing consists of the grant of notes bearing interest at 12% and warrants to purchase common shares. Subject to the approval of the ASE PeakSoft will issue to the investors 500,000 two year purchase warrants. Each two year purchase warrant will enable the holder to convert into one common share of the company. The investors have also agreed to defer escrow deposits and interest payments until May 31 1998.
About PeakSoft Corporation PeakSoft Corporation is a market leader in the development of Java-based Internet productivity and communication software products. Publicly traded on the Alberta Stock Exchange (PKT), PeakSoft is a diversified Internet software company headquartered in Bellingham, WA. For more information, call 888-377-7325, visit the PeakSoft Website (www.peak.com) or send e-mail to info@peak.com. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
