First Telecom to sell two million warrants through Global
First Telecom Corp
FTL
Shares issued 2,366,686
1999-02-11 close $0.85
Friday Mar 5 1999
Mr. Richard Liu reports
Further to news in Stockwatch Jan. 27, 1999, Global Securities
Corporation will act as agent in the company's private placement of two
million special warrants at 25 cents for $500,000. Each special warrant
is exercisable, without additional consideration, into one unit consisting
of one share and one two-year warrant, exercisable for one additional
share at 25 cents in the first year and 30 cents in the second.
The agent will receive a commission of 9 per cent and warrants to
purchase 200,000 shares at 25 cents in the first year and 30 cents in the
second.
The proceeds will be used to purchase a $500,000 convertible debenture
from Vancouver Telephone Company, in connection with the company's
proposed acquisition of Vancouver Telephone Company.
The company will use its best efforts to file an annual information form
with the British Columbia Securities Commission. If the AIF is not filed
within 120 days of closing of the private placement, the company will be
subject to a 10 per cent penalty and each special warrant will convert to
units which entitle the holder to 1.1 shares and 1.1 warrants.
Maria S.M. Wong has been appointed as a director of the company. Ms.
Wong, a chartered accountant, is vice-president finance of Macdonald
Development Corporation.
In addition, the company has granted stock options to directors and
employees to acquire up to 286,000 shares at 43 cents to March 5,
2001.
(c) Copyright 1999 Canjex Publishing Ltd.
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