TORONTO, May 25 /CNW/ - Look Communications Inc. ("Look" or the "Corporation") (TSX Venture: LOK and LOK.A) today announced that it has completed the previously-announced redemption of $3,242,000 principal amount of its outstanding 7 per cent secured convertible debentures ("Debentures") for cash. The Debentures were issued by Look in February 2004 pursuant to a rights offering. The Corporation has had the right to redeem the Debentures since January 1, 2007.
As previously announced, holders of Debentures in the aggregate principal amount of $916,000 have converted their Debentures into Look Multiple Voting Shares and Subordinate Voting Shares, in accordance with the terms and conditions of the Trust Indenture governing the Debentures. Accordingly, Look has issued an aggregate of 6,106,659 Multiple Voting Shares and 6,106,659 Subordinate Voting Shares to these Debenture holders. The Debentures were converted into Look Multiple Voting Shares and Subordinate Voting Shares on the basis of one-half of a Multiple Voting Share and one-half of a Subordinate Voting Share for every $0.075 principal amount of the Debentures. The deadline for conversion of the Debentures was 5:00 p.m. on May 11, 2010.
As a result of the conversion, the Corporation has 66,164,930 Multiple Voting Shares and 73,536,594 Subordinate Voting Shares issued and outstanding. No Debentures remain outstanding.
About Look Communications Inc.
Look's shares are listed on the TSX Venture Exchange under the symbols "LOK" for Multiple Voting Shares and "LOK.A" for Subordinate Voting Shares. Look's website may be found at www.look.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Look Communications Inc.
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