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Technology Stocks : Xinex Networks -- Ignore unavailable to you. Want to Upgrade?

To: cann11 who wrote (570)	5/7/1998 10:56:00 PM
From: Bron-y-aur	Read Replies (1) \| Respond to of 693

something must be up re relatively small financing amount. anyone know what current burn rate/month is Xinex Networks Inc. ("Xinex") is pleased to announce that it intends to proceed with a private placement of up to $250,000 principal amount in secured subordinated convertible debentures (the "Convertible Debentures"). The Convertible Debentures will be convertible at the option of the holder for a period of one year into Special Warrants of Xinex on the basis of one Special Warrant for each $0.15 principal amount of Convertible Debentures. Xinex is entitled to require holders to convert the Convertible Debentures into Special Warrants concurrent with the conversion by other debtholders of Xinex of their debt instruments into equity. Each Special Warrant shall entitle the holder thereof to acquire, at no additional cost, one common share of Xinex (the "Common Shares") and one share purchase warrant of Xinex (the "Warrants"). Each Warrant shall entitle the holder to purchase one additional common share of Xinex at an exercise price of $0.18 per share for a period of two (2) years after the closing date. Xinex expects the private placement to close in the next two weeks. Xinex has not committed to file a prospectus for the purpose of qualifying the Special Warrants and there is no penalty clause in the event the Corporation fails to file such a prospectus. The completion of the private placement of Special Warrants is subject to regulatory approval and Xinex is required to file a formal application with The Alberta Stock Exchange within 14 calendar days of this press release. (Not for dissemination or distribution in the Unites States of America) TEL: (604) 526-1585 Roy Leahy, President Xinex Networks Inc. FAX: (604) 540-5600