TEE-COMM COMPLETES EQUITY FINANCING
TEE-COMM COMPLETES EQUITY FINANCING MILTON, Ont., Nov. 12 /PRNewswire/ -- Tee-Comm Electronics Inc.
(AMEX: TEN) today announced that it has satisfied the conditions relating to the private placement of 2,400,000 special warrants. As a result, the company has issued 2,400,000 shares at $3.00 per share for total proceeds of $7,200,000. The financing was done through Tee-Comm's agent, Nesbitt Thomson Inc., with the shares being issued to a number of institutional investors including one of Canada's largest pension funds, two major Canadian insurance companies and one of Canada's largest mutual fund companies.
The proceeds of $7,200,000 and an additional $9,500,000 bank facility will be used for financing the company's TCI Home Entertainment division, which provides cable-like programming to the mostly rural Canadian homes who do not have access to cable television. Tee-Comm Electronics Inc. is primarily a manufacturer and distributor of satellite television equipment and sees the satellite- delivered television programming as a natural extension to its existing business. -0- 11/12/92 /CONTACT: Robert A. Kavelman, C.A., vice president-finance of Tee-Comm, 416-878-8181; or Stephen Litwin, 514-333-3400, for Tee-Comm/ (TEN) CO: Tee-Comm Electronics Inc. ST: Ontario IN: CPR SU: FNC
GK -- NY042 -- 0150 11/12/92 11:52 EST
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|Date:||Nov 12, 1992|
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