Excel Legacy Corp. Completes $13.5 Million Financing.SAN DIEGO--(BUSINESS WIRE)--Nov. 3, 1999-- Excel Legacy Corp. ("Legacy") (AMEX AMEX See: American Stock Exchange :XLG XLG Extra Large XLG Export Lead Growth ) today announced that a group of related investors led by New South Capital Management of Memphis, Tenn. have purchased approximately 3.4 million shares of Legacy common stock with aggregate proceeds to Legacy of approximately $13.5 million. Legacy intends to use the proceeds of this offering for general corporate purposes, including working capital, capital expenditures and acquisitions. Legacy paid no underwriting fees Underwriting fee The portion of the gross underwriting spread that compensates the securities firms that underwrite a public offering for their services. or commissions in connection with this sale. The shares of common stock have been registered under the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , pursuant to Legacy's universal shelf registration statement. This announcement does not constitute an offer to sell or the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy, nor shall there be any sale of these securities in any state in which an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. An offering of these securities will be made only by means of a prospectus supplement. |
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