Microforum completes $3.325-million financing
Microforum Inc MCF
Shares issued 18,133,966 1999-03-08 close $1.43
Tuesday Mar 9 1999
Mr. Frank Iadipaolo reports
Microforum has successfully completed its financing for total gross proceeds of $3,325,500. The financing was completed through Taurus Capital Markets Ltd. and Kearns Capital Limited by way of the sale of 2,891,739 special warrants at $1.15 per special warrant. Each special warrant is exercisable into one share.
Microforum has agreed to use its best efforts to file a preliminary prospectus qualifying the common shares issuable upon exercise of the special warrants within 20 days of closing. The proceeds of the offering are expected to be used to finance the previously announced acquisition of Software Guaranty Inc. and for working capital purposes associated with the company's continued growth.
Microforum enters $7-million financing
Microforum Inc MCF
Shares issued 17,237,000 1999-02-04 close $1.63
Thursday Feb 4 1999
Mr. Howard Pearl reports
The company has entered into an engagement letter with Taurus Capital Markets Ltd. and Kearns Capital Limited with respect to a best-efforts private placement of special warrants for proceeds of up to $7,000,000. The offering is subject to, among other things, receipt of all necessary stock exchange approvals, board of director approval, the completion of definitive documentation and due diligence by the agents.
Closing of the offering is expected to be completed toward the end of February, 1999 or such other date as may be agreed to by the company and the agents. Each special warrant will be priced in the context of the market and will be exchangeable for one share of the company. A prospectus qualifying the shares issuable upon exercise of the special warrants will be filed within 120 days of closing. The proceeds of the offering are expected to be used to finance future working capital requirements associated with the company's continued growth and acquisition strategy.
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Microforum Inc MCF
Shares issued 17,237,000 1998-12-02 close $1.3
Thursday Dec 3 1998
Mr. Howard Pearl reports
Microforum has successfully completed its financing for $2,000,000. Microforum's financing was completed through Taurus Capital Markets by way of the sale of 4,000,000 special warrants at 50 cents per special warrant. The special warrants are convertible into 4,000,000 shares and 2,000,000 warrants that are exercisable into shares at 52 cents and expire 12 months after the company has cleared its prospectus.
A prospectus qualifying the shares issueable upon exercise of the special warrants will be filed within 120 days of closing. The proceeds of the offering are expected to be used to finance future capital and working capital requirements associated with the company's continued growth.
The company has secured a commitment from a major chartered bank for an operating credit facility in the amount of $3,000,000, subject to the completion of definitive documentation. The new operating credit facility will replace existing operating lines of credit of $1,700,000 and an additional, unused credit line of $1,000,000 with another financial institution, which expired Oct. 31, 1998.
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