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Gold/Mining/Energy : UNIQUE BROADBAND SYSTEMS (UBS:VSE) -- Ignore unavailable to you. Want to Upgrade?

To: d.h.k. who wrote (34)	7/16/1998 7:47:00 PM
From: Don Johnstone	Read Replies (1) \| Respond to of 682

UBS News Release: Attention Business Editors: UNIQUE BROADBAND SYSTEMS TO SELL SPECIAL WARRANTS MARKHAM, Ont., July 16 /CNW/ - Unique Broadband Systems, Inc. (VSE: UBS) today announced that, subject to regulatory approvals, they have entered into an agreement with Canaccord Capital Corporation to act as agents for the sale of special warrants by way of private placement on a best effort basis for gross proceeds of approximately $5,000,000 to $7,000,000. Each special warrant will be convertible, at no additional cost to the holder, into one common share and one-half of one common share purchase warrant of Unique Broadband Systems. Each whole common share purchase warrant will entitle the holder thereof to purchase one common share of the Company upon approval of a prospectus. The closing date for the Offering is expected within the next 45 days. Fifty percent of the funds raised under the Offering will be made available to Unique Broadband Systems on the closing of the transaction, and the remaining fifty percent will be placed into a funds escrow. If the Company fails to qualify the distribution of the common shares and warrants issuable upon exercise of special warrants by means of a prospectus within 120 days of closing of the Offering, holders of special warrants will be entitled to (i) 1.10 common shares and 0.55 purchase warrants per special warrant on the non-escrowed funds; and (ii) 1.10 common shares and 0.55 purchase warrants or a cash refund including interest on the escrowed funds, without payment of any additional consideration. The net proceeds of the offering will be used to expand the Company's manufacturing facilities, as well as for working capital and general corporate purposes. Unique Broadband Systems, Inc. (VSE: UBS) is a recognized world leader in the design, development and manufacture of broadband wireless and other wireless solutions that serve the service provider, telecommunications and broadcast industries. With headquarters in Markham, Ontario, Unique Broadband Systems markets its products globally, providing 7X24 support. Unique Broadband Systems is a trademark of Unique Broadband Systems, Inc. For additional information visit the Company's World Wide Web site at uniquesys.com On behalf of the Board of Unique Broadband Systems, Inc. Stephen Rosen, Chief Financial Officer -0- 07/16/98 For further information: Stephen J. Rosen, Chief Financial Officer, Unique Broadband Systems, Inc., Markham, Ontario, L3R 1C2, Tel: (905) 474-0091, Fax: (905) 474-1563, Email: stephenr@uniquesys.com