Well...looks like SW has another lease on life. :-)|
Tuesday April 15 9:00 AM EDT
Sanctuary Woods Completes Rights Offering and Raises Over $2 million
Company Also Completes Exchange of Debt for Equity
SAN MATEO, Calif., April 15 /PRNewswire/ -- Sanctuary Woods Multimedia (Nasdaq BB: SWMCF) announced today
that it has completed its Rights Offering, raising approximately $2.2 million. In addition, holders of the Company's 8%
Convertible Debentures due July 31, 1999 (the "Debentures"), which in aggregate amount to $5.3 million, have exchanged the
Debentures for 100,000 Series A Preferred Stock and additional warrants to purchase no more than 21,649,833 shares of
Common Stock at an exercise price of $0.15 per share. In consideration for the exchange, the Debenture holders are
foregoing all interest accrued and owing on the Debentures. Interest owing on the Debentures at March 31, 1997 totaled
$225,445, and was payable in Common Stock.
The successful completion of the Rights Offering and the exchange of convertible debt to equity is a significant milestone for the
Company in its reorganization to focus on educational software. Capital raised over the past 12 months has largely paid off
debt. "We will now be able to focus on building the business and creating high quality educational content," said Charlotte
Walker, President and CEO. The Company has two more steps to complete its reorganization which are expected to be
approved at a special shareholder meeting on April 15. This includes a continuation of the corporation to the U.S. as a
Delaware corporation and a one-for-twenty reverse consolidation.
Founded in 1988, San Mateo-based Sanctuary Woods Multimedia is the innovative developer of the Head Coach line of
sports-based educational software, including Major League Math, Major League Reading, NFL Math and NFL Reading, as
well as Franklin Learns Math, Franklin's Reading World, and Franklin's Activity Center. Sanctuary Woods can be reached at
800-943-3664 or visit the company's Web Site located at ah-hah.com.
NOTE: Sanctuary Woods is a registered trademark and Head Coach is a trademark of Sanctuary Woods Multimedia.
Franklin is a trademark of Kids Can Press Ltd. Major League Math and Major League Reading are trademarks of Major
League Baseball Properties, Inc. NFL is a trademark of National Football League Properties. SOURCE Sanctuary Woods