Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : LUMM - Lumenon Innovative Lightwave Technology Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Don Johnstone who wrote (1896)	7/27/2000 10:41:16 AM
From: Fred McCutcheon	Read Replies (1) \| Respond to of 2484

Interesting financing package. Not a floorless convertible, but close. Lumenon Innovative Lightwave Technology, Inc. Closes US$35 Million Financing By Institutional Investors ST-LAURENT, QUEBEC--Lumenon Innovative Lightwave Technology, Inc. (NASDAQ NMS: LUMM - news) announced today it has closed a financing involving the issuance of US$35 million in convertible notes to two institutional investors. In the connection with the convertible notes, the Company issued warrants which, if exercised, could result in an additional equity investmentfrom US$50 to US$150 million. The 7.5 percent interest bearing five-year notes are convertible into Lumenon common stock at a conversion price based on the closing bid price of the common stock for the five trading days prior to conversion, with a ceiling of US$25 and a floor of US$7. The investors also received five year common stock purchase warrants entitling them to acquire a total of 5,000,800 shares at a price to be established in 18 months; the investors will have the right to purchase shares of Lumenon at a maximum price of US$30 per share if Lumenon's shares are then traded at a value exceeding US$70, a price based on 50% of the value of the shares plus US$10 per share if Lumenon's shares are then traded between US$30 and US$70 or a minimum price of US$10 per share.