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Canadian Quotes from Telenium
ECG. (TSE)
Attention Business Editors:
Envoy Communications Group
TORONTO, May 3 /CNW/ - Envoy Communications Group Inc. (ECG:TSE)
announced today that it has agreed, subject to regulatory approval, to issue
by way of private placement approximately 3.29 million Special Warrants at a
price of $5.50 per Special Warrant. Each Special Warrant will entitle the
holder to acquire one common share of Envoy at no additional cost. RBC
Dominion Securities Inc. is the sole agent in connection with the offering,
which is expected to close on May 11, 1999.
The gross proceeds of the offering will be approximately $18 million.
Envoy will use a portion of the proceeds of the offering to finance its
purchase of The Watt Design Group, which was announced on April 26, 1999. The
remainder of the proceeds will be used to repay Envoy's $4.5 million
acquisition credit facility and for future acquisitions and general corporate
purposes.
A new breed company, Envoy is an integrated e-Marketer, digitally driven
and committed to building global brands both off and on-line. Envoy owns
Devlin Technology, a leader in web development and design, as well as leading
e-Marketing and advertising agencies, the Communique Group, based in Toronto,
and New York's Hampel/Stefanides. Envoy has also signed a letter of intent to
purchase the Watt Design Group, an internationally recognized retail branding,
and package design company.
The Envoy Group's list of e-Marketing clients now includes CDNow, Fedex,
IMAX, The Industry Standard magazine, Inktomi, MAC Cosmetics, Microsoft, MSN,
National Discount Brokers, Toshiba Canada, and Toshiba America, in addition to
adidas, A&W, BASF, Benjamin Moore, Bermuda Telephone, Bridgestone/Firestone,
Canada Life, Castrol, Honda, and LCBO.
-30-
For further information: J. Joseph Leeder, VP&CEO, Envoy Communications
Group, (416) 593-1212; Jason Mandel, President, Carabiner Investor Relations,
(416) 599-2256
ENVOY COMMUNICATIONS GROUP INC. has 26 releases in this database.
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