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Microcap & Penny Stocks : ptd. Prime Spot Media -- Ignore unavailable to you. Want to Upgrade?

To: Jim P who wrote (18)	5/7/1998 1:13:00 AM
From: Grant Movold	Read Replies (1) \| Respond to of 24

*****NEWS***** Prime Spot Media Inc - Private placements closed; proposed acquisition Prime Spot Media Inc PTD Shares issued 24726968 1998-05-01 close $0.7 Friday May 1 1998 Further to the Company's news release of August 29, 1997, Prime Spot Media Inc. is pleased to announce the closing of a non-brokered private placement of 79,788 units at a price of $0.47 per unit, each unit consisting of one common share and one non-transferable warrant, each warrant exercisable for the purchase of an additional common share at a price of $0.47 per share until August 29, 1998. The common shares issued under the placement and any shares issued upon the exercise of the warrants will be subject to a hold period, expiring August 29, 1998. As well, in connection with the Company's news release of December 30, 1997, Prime Spot Media Inc. is pleased to announce the closing of a non-brokered private placement of 326,667 units at a price of $0.15 per unit, each unit consisting of one common share and one non-transferable warrant, each warrant exercisable for the purchase of an additional common share at a price of $0.15 until December 30, 1998 and at a price of $0.17 per share until December 30, 1999. The common shares issued under the placement and any shares issued upon the exercise of the warrants will be subject to a hold period, expiring December 30, 1998. In addition, the Company has entered into a purchase and sales agreement to acquire all operating systems, programming, graphics and associated mall operating agreements from Food Court Entertainment Network Inc. (operating as Cafe USA), a reporting issuer, incorporated under the laws of the State of Delaware. Food court has installed and operated a closed circuit broadcast television network throughout the United States. The acquisition will be paid in cash. The purchase and sales agreement is subject to regulatory approval, and the approval of Food Court's shareholders and creditors or a potential merger partner. Food Court is at arms length to Prime Spot. This News Release was prepared by the undersigned on behalf of the Company's board of directors, who take responsibility for its contents. ON BEHALF OF THE BOARD OF DIRECTORS PRIME SPOT MEDIA INC. D. Brad Paterson, Director For futher corporate information contact: Stephen Davis, President & CEO or Ernesto Sanchez, Investor Relations 1-800-567-8172 THE VANCOUVER STOCK EXCHANGE NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF THIS NEWS RELEASE WHICH WAS PREPARED SOLELY AT THE DISCRETION OF MANAGEMENT. Prime Spot Media Inc. Suite 270, 4936 - 87 Street Edmonton, AB T6E 5W3 Phone: (403) 463-3117; Fax: (403) 462-8659 Vancouver, B.C. Phone: (250) 655-3990; Fax: (250) 655-6644 (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)