more $$ via a PP
$2.5m financing
InfoInterActive Inc IIA
Shares issued 8,237,429 Jun 5 close $2.70
Mon 8 Jun 98 News Release
Mr. Gary Oickle reports
InfoInterActive proposes to raise $2,500,000 in net proceeds through the
sale of 972,763 units of the company at $2.57 per unit on a private
placement basis to private, non-arm's length investors. The purchase price
was determined by negotiation between the company and the investors. Each
unit consists of one share plus one half warrant. Each full warrant
entitles the holder to purchase one share at $5.00 per share, expiring two
years after issuance. Both the shares and the warrants are restricted from
trading for one year from issuance.
As part of this transaction, Cranston, Gaskin, O'Reilly and Vernon, a
Toronto based investment counselor has agreed to arrange the purchase of
IIA common shares for $2,500,000 from these private non-arms' length
investors.
The funds from this transaction will be used by IIA to launch new products
now in development, and to continue its current marketing and rapid
deployment of Internet Call Manager service through major telephone and
Internet companies around the world.
Internet Call Manager provides Internet users with notification of incoming
telephone calls - including caller identification - while the phone line is
tied up during Internet use. The service was launched in Canada by MT&T and
in the United States by Cincinnati Bell Telephone. The company has also
signed a letter of intent with a Regional Bell Operating Company (RBOC),
one of the largest telephone companies in the United States, and is
actively pursuing other similar partners.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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