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ADVANCED GRAVIS COMPUTER TECHNOLOGY LTD. ANNOUNCES $5,800,000 EQUITY FINANCING

 VANCOUVER, British Columbia, July 8 /PRNewswire/ -- Advanced Gravis Computer Technology Ltd. ("Gravis") of Burnaby, British Columbia, announces the closing on July 7, 1993, of the private placement of Special Warrants at purchase price of $2.90 per Special Warrant, to raise gross proceeds of $5,800,000. Loewen, Ondaatje, McCutcheon Ltd. acted as agent in the private placement and received a commission of 6 percent per Special Warrant plus broker warrant exercisable for two years for the purchase of up to 100,000 common shares of Gravis at a purchase price $2.90 per share.
 The Special Warrants are exchangeable on the basis of one common share of Gravis for each Special Warrant, subject to the condition that Gravis will have obtained a receipt for a prospectus to be filed in British Columbia and Ontario on or before Oct. 15, 1993. Gravis expects that a prospectus will be receipted before that date however if not, then each of the Special Warrants will be at the option of the holder thereof be redeemable or exchangeable into 1.10 shares without further consideration. Of the gross proceeds of $5,800,000, $2,500,000 have been released to Gravis today and the balance of $3,300,000 will be held in escrow pending filing and receipt of the prospectus by Gravis or exercise of the Special Warrants. Proceeds from the placement will be used in part to fund new product development and to supplement working capital.
 Advanced Gravis is a leading designer and manufacturer of high- quality entertainment devices for personal computers, including joysticks, PC Game Pads, MouseSticks and UltraSound sound cards.
 -0- 7/8/93
 /CONTACT: Grant Russell, president of Advanced Gravis Computer Technology, 604-431-5020/
 (AED.)


CO: Advanced Gravis Computer Technology Ltd. ST: British Columbia IN: CPR SU: FNC

MF-JL -- LA019 -- 9386 07/08/93 09:31 EDT
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Publication:PR Newswire
Date:Jul 8, 1993
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