Financing Info...
Prime Spot Media Inc. Closes Private Placement
EDMONTON, ALBERTA--Further to the Company's news release of May 8,
1998 as amended June 23, 1998, Prime Spot Media Inc. is pleased to
announce the closing of a non-brokered private placement for
782,300 special warrants (the "Special Warrants"), 571,430 of
which were issued at a price of $0.35 per Special Warrant and
210,870 of which were issued at a price of $0.46 per Special
Warrant. Each Special Warrant is convertible, without payment of
further consideration into one unit of the Company (a "Unit"),
each Unit being comprised of one common share of the Company (a
"Share") and one common share purchase warrant of the Company (a
"Warrant"). Each Warrant is exercisable to acquire one further
Share (a "Warrant Share") for a period of two years at a price of
$0.35 per Warrant Share (in relation to 571,430 of the Special
Warrants) and $0.46 per Warrant Share (in relation to the
remaining 210,870 Special Warrants) during the first year, and at
a price of $0.40 per Warrant Share (in relation to 571,430 of the
Special Warrants) and $0.53 per Warrant Share (in relation to the
remaining 210,870 Special Warrants) during the second year.
Receipt of the Company's initial Annual Information Form has been
acknowledged by the British Columbia Securities Commission.
Accordingly, the Shares, Warrants and any Warrant Shares issuable
upon exercise of the special Warrants will be subject to a hold
period which expires November 8, 1998.
This News Release was prepared by the undersigned on behalf of the
Company's board of Directors, who take responsibility for its
contents.
ON BEHALF OF THE BOARD OF DIRECTORS
PRIME SPOT MEDIA INC.
D. Brad Paterson
Director |
