Printer Friendly

CYCOMM COMPLETES PRIVATE PLACEMENT

 ALBERTA, Canada, Oct. 1 /PRNewswire/ -- Cycomm International Inc. (AMEX: CYI) announced today that, through its agent Marleau Lemire Securities Inc. ("Marleau"), it has closed the previously announced private placement of 2,500,000 Series A Special Warrants and 800,000 Series B Special Warrants at a price of CDN $3.50 per Special Warrant for gross proceeds of CDN $11,550,000.
 Each Special Warrant entitles the holder thereof to receive, upon exercise and without any additional consideration, one common share of the company. The company has agreed to pay Marleau a cash commission of 6.422 percent of the gross proceeds of the private placement and, subject to regulatory approval, grant a two year stock option to acquire common shares of the company.
 The company intends to file a prospectus to enable the common shares issued on exercise of the Special Warrants to be freely tradeable. The company has 120 days from closing to obtain a receipt for the prospectus which is to be filed in British Columbia, Alberta, Ontario and Quebec.
 The proceeds from the Series A Special Warrants, totaling CDN $8,750,000, have been placed in escrow, to be released upon final receipt of the prospectus. The proceeds from the Series B Special Warrants, totaling CDN $2,800,000, are immediately available to the company. The proceeds from the financing are to be used in the continued development and marketing of the company's secure communications products, the development of opportunities in Latin America and working capital.
 Cycomm International Inc. and its subsidiaries develop and market unique telecommunication products for the prevention of toll fraud and interception of voice and data communications. These products are based on proprietary signal processing and encryption technologies. The company recently announced its agreement with Inelectra S.A. of Venezuela to jointly control Galactica C.A.
 Cycomm's main facilities are located in Portland, Ore., Fairfax, Va., and Vancouver, British Columbia.
 -0- 10/1/93
 /CONTACT: Isaac Moss of Cycomm International, 604-684-7200; Thomas Redington of Redington, 203-222-7399 or 212-926-1733, for Cycomm/
 (CYI)


CO: Cycomm International Inc. ST: Oregon, Virginia IN: TLS SU:

DJ-JL -- NE005 -- 7705 10/01/93 10:27 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 1, 1993
Words:358
Previous Article:OAK INDUSTRIES TO REPORT NONRECURRING GAIN
Next Article:HANSON ANNOUNCES THE RESTRUCTURING OF THE QUANTUM CHEMICAL CORPORATION
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters