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Microforum Inc. completes $20 million bought deal financing
TORONTO, May 10 /CNW/ - Microforum Inc. (TSE:MCF) is pleased to announce
that it has successfully completed its bought deal financing announced on
April 30, 1999 for aggregate gross proceeds of $20,150,000. Microforum's
financing was completed through Yorkton Securities Inc., Taurus Capital
Markets Ltd., Kearns Capital Limited and Canaccord Capital Corporation by way
of the sale of 3,100,000 Special Units at a price of $6.50 per Special Unit.
Each Special Unit is exercisable into one Common Share and one-half of a
Purchase Warrant. The Purchase Warrants are exercisable into Common Shares at
an exercise price of $10.00 at any time before September 10, 2000.
Microforum intends to file a prospectus qualifying the Common Shares and
Purchase Warrants issuable upon exercise of the Special Units within 60 days
of closing. The proceeds of the offering are expected to be used to fund the
Company's acquisition strategy, reduce outstanding indebtedness and for
working capital purposes.
About Microforum
Microforum Inc. (www.microforum.com) is a leading Internet applications
and technology services corporation providing a broad range of electronic
commerce and integrated marketing, creative and database services.
Microforum's wholly-owned subsidiaries include Internet Frontier Inc.
(www.ifront.com) doing business as iFront and Software Guaranty
(www.softwareguaranty.com), PPL Marketing Services Inc., Marshall Fenn
Communications Inc. and Poste Haste Systems Inc. Internet Frontier Inc. is a
Microsoft Certified Solution Provider Partner providing the proprietary
iFrontECS(TM) e-commerce engine and the CALMS(TM) on-line credit approval
system. PPL Marketing Services has achieved the prestigious ISO9001 and the
Ford Q1 Quality Certifications.
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For further information: INVESTOR INFORMATION - The Investor Relations
Group 1-800-444-9214, irg@invrel.com, www.invrel.com; CORPORATE INFORMATION
- Howard Pearl, CEO and President, Microforum Inc. 905-670-8000,
hpearl@mf.com
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