TORONTO, April 22 /CNW/ - Look Communications Inc. ("Look" or the "Corporation") (TSX Venture: LOK and LOK.A) today announced that it will redeem all of its outstanding 7 per cent secured convertible debentures ("Debentures") for cash on May 25, 2010. The outstanding principal amount of the Debentures is currently $4,158,000.
A Notice of Redemption will be mailed to all Debenture holders on April 23, 2010. All Debentures outstanding on May 25, 2010 will be redeemed by Look for cash, at a price equal to the principal amount of the Debentures plus accrued and unpaid interest to May 24, 2010.
The Debentures were issued by Look in February 2004 pursuant to a rights offering. Since January 1, 2007, the Corporation has had the right to redeem the Debentures.
Holders of the Debentures have the right to convert the Debentures into Look Multiple Voting Shares and Subordinate Voting Shares, in accordance with the terms and conditions of the Trust Indenture, 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. In order to convert Debentures into Look shares, holders must deliver to Computershare Trust Company of Canada, the trustee for the Debentures, their Debenture certificates with a duly-completed conversion form by 5:00 pm (Eastern time) on May 11, 2010.
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.
The corporate information contained in this release includes forward-looking statements regarding future events and the future performance of Look that involve risks and uncertainties that could cause actual results to differ materially. Assumptions used in the preparation of such information, although considered reasonable by Look at the time of preparation, may prove to be incorrect. The actual results achieved may vary from the information provided herein and the variations may be material. Consequently, there is no representation by Look that actual results achieved will be the same in whole or in part as those forecast.
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.
For further information: For further information: Peter Block, Investor and Media Relations, email@example.com, (647) 259-3284