Magra Arranges Long Term Financing.Business Editors TORONTO--(BUSINESS WIRE)--March 28, 2000 Listed: Canadian Dealing Network Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. Issued and Outstanding Trading Symbol Trading symbol See: Ticker symbol : MGRA Common Shares: 21,792,449 Magra Computer Technologies (Canadian Dealing Network:MGRA) (Magra) announced today it has signed an agreement for US$10 million in financing with Merchant House Internationale Populaire S.A. The funding will be secured by a convertible debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. at a conversion rate of one dollar per share over 2 years and will hold additional security of a fixed and floating charge for a first debenture. The funding will be concluded within the next few weeks. The purpose of the funding is to further the Company's plan of investing in innovative and profitable companies worldwide as evidenced by its recent acquisition of 100% of the shares of AdviceMed.com, Inc. Magra has formed a venture company to search for situations in Israel. For this purpose offices have been opened up in Tel Aviv Tel Aviv (tĕl əvēv`), city (1994 pop. 355,200), W central Israel, on the Mediterranean Sea. Oficially named Tel Aviv–Jaffa, it is Israel's commercial, financial, communications, and cultural center and the core of its largest . The Company is presently in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of concluding several acquisitions for which the financing by Merchants will be utilized. These acquisitions will be announced as soon as they are concluded. |
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