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Gold/Mining/Energy : Infowave Wireless Messaging IW:TSE

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To: Cush who wrote (1649)2/13/2001 11:12:57 AM
From: Cush  Read Replies (1) of 1690
Infowave announces final terms for $12.5 million offering

BURNABY, BC, Feb. 13 /CNW/ - Infowave Software, Inc. (TSE: IW) today announced that it has entered into an underwriting agreement with Canaccord Capital Corporation and CIBC World Markets Inc. pursuant to a proposed public offering announced on January 29, 2001. The Company will issue 2,272,728 units (the "Units") at a price of $5.50 per Unit for gross proceeds of $12.5 million. In addition, the underwriters have indicated their intention to exercise a 15% over-allotment option for 340,910 Units. Total gross proceeds to the Company before commissions and expenses are expected to be $14.375 million.

The Company will file a final prospectus today with the securities commissions in the provinces of British Columbia, Alberta and Ontario. The transaction is expected to close on or about February 20, 2001.

Immediately following closing, each Unit will separate into one freely tradable common share (the "Common Share") and one-half of one Common Share purchase warrant (the " Warrant") of Infowave. Each whole Warrant will entitle the holder to purchase one Common Share for a period of 18 months from closing at a price of $7.15 per share.

The offered securities will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
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