Beacon Eye Institute issuing $8 million to $10 million of special warrants -- continuing development of Laser-PRK vision correction.TORONTO, Ontario--(BUSINESS WIRE)--June 6, 1997--BeaconEye Inc. (BEY-TSE), which operates as Beacon Eye Institute ("Beacon"), today announced that it has entered into a special warrant transaction with Yorkton Securities Inc. The Corporation will issue 2.25 million special warrants ("Special Warrants") priced at $3.75 per Special Warrant for gross proceeds of $8.4 million. The Special Warrants will be exercisable into Units of the Corporation ('Unit'). Each Unit will consist of one common share of the Corporation ("Common Share") and one-half of a common share purchase warrant ('Warrant'). Each whole Warrant will entitle the holder to acquire one Common Share of the Corporation at a price of $4.65 for a period of eighteen months from the Closing Date. In addition, Yorkton has the option to increase the size of the offering by up to 0.55 million Special Warrants until noon on the Closing Date. The financing is subject to the receipt of regulatory approval. The private placement is scheduled to close on or about June 20, 1997. In the event that a receipt for a final prospectus Final Prospectus A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors. Notes: The final prospectus must be given to every investor who purchases a new issue of registered securities. qualifying the issuance of the Units is not issued by applicable securities regulatory authorities within 90 days of closing, each Special Warrant will be exercisable to obtain 1.1 Units. Keith F. Moore, Beacon Chairman and Chief Executive Officer, stated, "The funds will allow us to continue the prudent development and growth of the Beacon business in existing locations and will strengthen our balance sheet. We feel the Corporation is significantly undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. in view of the growth potential for Laser-PRK(TM) vision correction and the infrastructure we have in place to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. that growth." "Ten world-class Beacon Laser-PRK vision correction centers are now operating in prime locations in major markets. Revenue has increased at greater than 40% per quarter over the past four quarters, due to the increasing number of procedures being performed in our U.S. Laser-PRK vision correction centers. Brand recognition has been established in our target markets and 98% of patients responding to surveys indicate they would recommend Beacon to family and friends. Our Toronto center, located in BCE BCE abbr. 1. Bachelor of Chemical Engineering 2. Bachelor of Civil Engineering BCE Abbreviation for before the Common Era. Place in downtown Toronto Downtown Toronto is the heart of the City of Toronto, Ontario, Canada. It is approximately bounded by Bloor Street (including areas slightly north of Bloor around Yonge Street) to the north, Lake Ontario to the south, Bayview Avenue - Don Valley Parkway to the east, and Bathurst , is maintaining its performance at more than 200 procedures per month and continues to be one of the highest volume laser centers in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. ." Beacon provides facilities and services for the performance of Laser-PRK(TM) vision correction. Laser-PRK is performed with an excimer laser A gas laser in which a very short electrical pulse excites a mixture containing a halogen such as fluorine and a rare gas such as argon or krypton. It produces a brief, intense pulse of ultraviolet light. that generates ultraviolet light Ultraviolet light A portion of the light spectrum not visible to the eye. Two bands of the UV spectrum, UVA and UVB, are used to treat psoriasis and other skin diseases. for gently reshaping the surface of the eye to improve natural vision and reduce or eliminate the need to wear glasses or contact lenses contact lenses contact npl → verres mpl de contact contact lenses contact npl → Kontaktlinsen pl contact lenses npl . For more information, visit the Beacon web site at www.beaconeye.com . Beacon Laser-PRK vision correction centers are located in Toronto, Ontario; San Antonio, Austin, Dallas/Fort Worth, and Houston, Texas; Denver, Colorado; Fort Lauderdale and Tampa, Florida; Atlanta, Georgia; and Irvine (Orange County), California. Further expansion is planned as the market for laser vision treatment continues to grow. |
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