$3 Million Debenture Financing for Digital Courier.VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 30, 1996-- DIGITAL COURIER INTE INTE Interrupt Enable (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). DIC DIC diffuse intravascular coagulation; disseminated intravascular coagulation. DIC abbr. disseminated intravascular coagulation Disseminated intravascular coagulation (DIC) . ) Digital Courier International Corporation ("DCI (Display Control Interface) An Intel/Microsoft programming interface for full-motion video and games in Windows. It allowed applications to take advantage of video accelerator features built into the display adapter. ") announced today that it has agreed to issue $3,000,000 principal amount of secured debentures and 200,000 common share purchase warrants to certain shareholders, directors and officers. The proceeds of this offering will be used to fund working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. pending the completion of the proposed public offering previously announced by DCI. The debentures are non-convertible and are repayable on the earlier of June 30, 1997 or the completion of a treasury offering or offerings of equity securities by DCI resulting in aggregate net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of not less than $8,000,000. The debentures bear interest at the rate of 9% per annum payable quarterly on the last day of December, March and June. The debentures are secured by a floating charge over the assets of DCI and its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Digital Courier International Inc. The common share purchase warrants entitle the holders thereof to acquire up to 200,000 common shares of DCI at an exercise price of $7.25 per share. Such warrants are exercisable during the period commencing October 1, 1997 and expiring Sept. 30, 1998. The completion of the debenture financing is scheduled for Sept. 30, 1996 and is subject to the receipt of required regulatory approvals. Digital Courier International (DCI) is a leading supplier of electronic distribution and communication services for the radio broadcast industry. DCI's two-way network enables fast and reliable delivery of CD quality audio, text and data to organizations that traditionally have relied on conventional tape and courier delivery. DCI is connecting over 3,500 radio stations, duplication companies, production studios and record companies allowing each entity to send and receive advertisements, traffic instructions, short-form programming and music releases across North America in as little as one hour. -0- The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein. CONTACT: Digital Courier International Corp. Don Myers, 604/ 602-2480 1-800-663-8013 (US Toll Free) |
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