Look To Issue Common Shares In Payment Of Interest On Outstanding Debentures.TORONTO & MONTREAL -- Look Communications LOOK TV is a digital cable, internet service and web hosting provider. Based in Montreal, Look was once linked to former crown corporation Teleglobe and Chinese ISP Inter Pacific Online. Founded in 1997, it has offices in Milton, Ontario and Montreal. Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension Venture:LOK) announced today that it intends to issue and deliver 2,000,651 common shares of Look in payment of $181,059 in interest due as of December 30, 2004 on $5,159,000 capital amount of secured convertible debentures currently outstanding. The debentures were issued in February 2004 pursuant to a rights offering effected by Look, in connection with which 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. was filed on January 16, 2004. This payment of the interest on the debentures in common shares of Look is subject to regulatory approval, including that of the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. . The debentures bear interest at a rate of 7% per year and will mature in 2014. Look pays interest on the debentures semi-annually in arrears Adv. 1. in arrears - in debt; "he fell behind with his mortgage payments"; "a month behind in the rent"; "a company that has been run behindhand for years"; "in arrears with their utility bills" behindhand, behind , on June 30 and December 30 of each year. The record date for the second interest payment was December 15, 2004. The number of common shares issued and delivered in payment of interest was determined by Look in accordance with the provisions of the secured trust indenture, dated January 30, 2004, pursuant to which the debentures were issued. After giving effect to the second interest payment, there will be 106,796,662 common shares of Look issued and outstanding. The debentures are direct obligations of Look and rank pari passu [Latin, By an equal progress; equably; ratably; without preference.] Used especially to describe creditors who, in marshalling assets, are entitled to receive out of the same fund without any precedence over each other. PARI PASSU. By the same gradation. with all other subordinated, secured obligations of Look. About Look Communications Inc. Look delivers a full range of communications services, including high-speed and dial-up Internet access See dial-up. , Web applications, digital television distribution and superior customer service to both the business and residential markets across Canada. In addition, Look provides a number of value-added services to meet its customers' needs, such as Web hosting, domain name registration, Web mail, parental filters and virus scanning. Look's shares are listed on the TSX Venture Exchange under the symbol LOK. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Look Communications Inc. (TSX VENTURE:LOK) |
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