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Technology Stocks : Blank Check IPOs (SPACS) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (1665)	11/25/2008 8:57:25 AM
From: Glenn Petersen	Read Replies (2) \| Respond to of 3862

With its common shares trading at $1.14, India Globalization (stock symbol: [t]IGC[/t) has radically altered the terms of its warrants in order "to raise additional capital and reduce the number of Warrants outstanding." India Globalization Capital, Inc. Announces Program for Early Exercise of Warrants to Purchase Common Stock Tuesday November 25, 8:00 am ET BETHESDA, Md., Nov. 25 /PRNewswire-FirstCall/ -- India Globalization Capital, Inc. ("IGC" or the "Company"), (Amex: IGC.U - News, IGC.WS - News, IGC - News), a company developing infrastructure in India, announced today that the Company is offering the holders of all 22,609,000 outstanding, publicly traded warrants ("Public Warrants") and of 1,190,000 warrants issued by the Company in private placements (the "Private Warrants" and collectively with the Public Warrants, the "Warrants") the opportunity, for a limited time, to acquire shares of common stock. IGC is modifying the terms of the Warrants to (1) permit, instead of paying the purchase price of $5.00 in cash, the exchange of 5 Warrants and $0.55 for one share of Common Stock and (2) permit the exercise of a Warrant such that the Holder will receive one share of Common Stock in exchange for every 12 Warrants surrendered. Warrant holders may use one or both methods in exercising the warrants for Common Stock. The offer will commence on Monday, November 24, 2008 at 4:01 p.m., EST, and continue for a period of twenty (20) business days, expiring on Tuesday, December 23, 2008 at 5:00 p.m., EST (the "Offer Period"). Upon termination of the offer, the original terms of the Warrants will be reinstituted, the Public Warrants will expire according to their terms on March 3, 2011 and the Private Warrants will expire according to their respective terms. This expiration could be accelerated by redemption as outlined in IGC's filings with the SEC related to the original issuance of the Warrants. "We are making this offer to raise additional capital and reduce the number of Warrants outstanding. We believe the program is attractive to our Warrant holders and look forward to a substantial number of Warrants being exercised," said Ram Mukunda, CEO of IGC. The terms and conditions of the offer are set forth in the documentation distributed to record holders of IGC warrants (Amex: IGC.WS - News) as of November 24, 2008. A copy of the offering document relating to the offer may be obtained from Morrow & Co., LLC, the Information Agent for the offering. Morrow's telephone number for bankers and brokers is (800) 662-5200 and for holders of Warrants is (800) 607-0088. Please contact the Information Agent with any questions regarding the offering. The foregoing reference to the offer and any other related transactions shall not constitute an offer to buy or exchange securities or constitute the solicitation of an offer to sell or exchange any securities in IGC or any of its subsidiaries. Investors and security holders are urged to read the following documents filed with the SEC, as amended from time to time, relating to the offer as they contain important information: (1) the Company's registration statement on Form S-1; and (2) the Schedule TO. These and any other documents relating to the offer, when they are filed with the SEC, may be obtained at the SEC's website at www.sec.gov, or from the Information Agent as noted above. <snip> biz.yahoo.com