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Technology Stocks : General Magic -- Ignore unavailable to you. Want to Upgrade?

To: Susan Saline who wrote (6831)	8/3/1999 9:33:00 PM
From: Mike Hardy	Read Replies (1) \| Respond to of 10081

from the new 8k filing Effective July 30, 1999, we entered into a common stock investment agreement with Cripple Creek Securities, LLC. The investment agreement provides for an equity line of credit arrangement. The equity line of credit will be available to us during the period beginning August 25, 1999 and ending August 24, 2001. During that period, we may require Cripple Creek to purchase, from time to time, an aggregate of up to $20,000,000 of common stock. In addition, Cripple Creek will have a right, at its sole discretion, to purchase up to an additional $6,000,000 of common stock during the term of the equity line of financing. Draw downs. We may draw down on the equity line beginning on August 25, 1999 and approximately every 31 business days thereafter by providing a written notice to Cripple Creek. The draw down notice must set forth a dollar amount of shares we intend to sell to Cripple Creek. The dollar amount may not exceed $5,000,000. In addition, we may, at our sole discretion, specify a minimum purchase price per share in the draw down notice. However, the minimum price may not be less than $2.00. Conditions to draw downs and Cripple Creek's obligation to purchase. Our right to draw down on the equity line and Cripple Creek's obligation to purchase shares of common stock is subject to conditions. These conditions include: o the closing bid price of the common stock on the business day immediately preceding a draw down notice must be at least $2.00 per share; o a registration statement, together with the required prospectus supplement, must be available for the sale of the shares of common stock to be issued and sold; o the common stock must be listed on The American Stock Exchange, Inc., The New York Stock Exchange, Inc., the Nasdaq National Market or the Nasdaq SmallCap Market and we must not have been notified of any delisting action; for more read the 8k at freeedgar.com =99&SECIndex=3451&Extension=.tst&PathFlag=0&TextFileSize=193923&SFType=&SDFiled= &DateFiled=8/3/99&SourcePage=FilingsResults&UseFrame=1&OEMSource=&FormType=8-K&C ompanyName=GENERAL+MAGIC+INC