Where did you find the outstanding number? Can you post a link? TIA
Found some of the financing
PROSPECTUS SUMMARY - DECEMBER 1997
THE OFFERING
Special Warrants:
The Company sold 8,000,000 Special
Warrants pursuant to statutory
prospectus exemptions on September
18, 1997 at a price of $1.00 per Special
Warrant for aggregate gross proceeds to
the Company of $8,000,000. Subject to
the Prospectus Qualification Penalty
described below and certain anti-dilution
provisions, each Special Warrant, upon
exercise, will entitle the holder thereof to
receive one (1) Common Share without
the payment of any additional
consideration.
Agents' Compensation
Options:
As additional compensation, the
Company has granted to each of the
Agents non-assignable Compensation
Warrants representing the right to
acquire, for no additional consideration,
Compensation Options. The
Compensation Options entitle the
Agents to subscribe for up to 800,000
Common Shares at an exercise price of
$1.05 per Share at any time or before
such date which is 24 months after the
Company obtains a final receipt from the
Ontario Securities Commission for this
prospectus.
Use of Proceeds:
The proceeds to the Company from this
offering, after deducting the portion of the
expenses paid and payable by the
Company, including the fee payable to
the Agents, are estimated to be
approximately $7,086,000. Of such net
proceeds, the Company has used
$2,389,186 to reduce its outstanding
indebtedness under its available
operating line of credit and $362,174 in
connection with its debt restructuring
described under "Management's
Discussion and Analysis of Financial
Condition and Result of Operation". The
Company intends to use $500,000 to
further develop its international
distribution network, $500,000 to
enhance its existing Internet business
conducted through Internet Frontier, Inc.,
$200,000 for marketing and expansion of
software publishing, $200,000 to expand
its multimedia contract services
capabilities, and $2,934,640 for the
acquisition of complementary products,
technologies or businesses and for
working capital purposes. Pending such
uses the funds have been invested in
interest bearing certificates.
No additional proceeds will be realized
by the Company upon the exercise of
the Special Warrants.
INDEX
SECTION
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