Pretty quiet for a stock that has doubled in a couple of months!
Today's NR:
INFOWAVE ANNOUNCES SPECIAL WARRANT FINANCING
Proceeds will be used to expand wireless messaging business
Burnaby, British Columbia, March 31, 1998 - Infowave Wireless Messaging Inc. (VSE: IWM) today announced a brokered private placement to be undertaken through Canaccord Capital Corp. and Yorkton Securities Inc. (the "Agents"). The private placement will be for 2,000,000 special warrants to be offered at $2.25 per special warrant. Each special warrant will be exercisable without payment of additional consideration, for one unit comprised of one share of Infowave and one-half of one share purchase warrant. Each whole share purchase warrant will entitle the holder to purchase an additional share of Infowave at $2.25 for one year from the date of closing of the private placement.
The gross proceeds of the offering will be $4,500,000. A total of 60% of the gross proceeds of the offering will be released to Infowave at
closing of the private placement. The remaining 40% of the gross proceeds will be placed in escrow and will be released to the company
upon the issuance of receipts for a final prospectus qualifying for
distribution the shares and purchase warrants to be issued upon exercise of the special warrants.
In consideration for the services performed by the Agents, Infowave will pay the Agents a cash fee equal to 7.5% of the proceeds of the offering and will issue agent's warrants entitling the Agents to purchase such number of shares of Infowave equal to 10% of the number of special warrants sold. Each agent's warrant will have the same terms as the purchase warrants forming part of the unit offering.
The net proceeds of the offering will be used for expanding product
development, marketing and sales for Infowave's wireless messaging
business. The proposed sale of the special warrants is expected to close on or before April 30, 1998 and is subject to the approval of the
Vancouver Stock Exchange and all other applicable regulatory approvals.
On behalf of the board of Directors
Jim McIntosh, President and CEO
For additional information contact Todd Carter, Corporate Development at
604.290.8633 or Kelly Crowe, Public Relations at 604.473.3647 E-mail
ir@infowave.net or visit the Infowave web site at www.infowave.net
Infowave Wireless Messaging Inc. is a specialized software company with two operating divisions - Wireless and Imaging. The Wireless Division develops wireless communications software for mobile workers. Infowave Office Enabler provides wireless access to Microsoft Exchange from mobile computing devices. The Imaging Division is the world leader in Macintosh printing solutions. PowerPrint and PowerPlot provide Macintosh users access to more than 1,400 PC printers and plotters. StyleScript is an Adobe PostScript interpreter for inkjet printers. Founded in 1984, the company maintains its headquarters in Burnaby, British Columbia. c 1998 Infowave Wireless Messaging Inc.- Infowave, the Infowave logo, Infowave Office Enabler, PowerPrint, StyleScript and PowerPlot are trademarks of Infowave Wireless Messaging Inc. All other trademarks are the property of their respective owners. Some of the above trademarks
may be registered in certain jurisdictions.
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. |
