TORONTO, May 12 /CNW/ - Look Communications Inc. ("Look" or the "Corporation") (TSX Venture: LOK and LOK.A) today announced that it will redeem $3,242,000 principal amount of its outstanding 7 per cent secured convertible debentures ("Debentures") for cash on May 25, 2010. 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.
Holders of Debentures have elected to convert $916,000 principal amount of the 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 will issue an aggregate of 6,106,667 Multiple Voting Shares and 6,106,667 Subordinate Voting Shares to these Debenture holders. The Debentures were convertible 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 will have 66,164,936 Multiple Voting Shares and 73,536,600 Subordinate Voting Shares issued and outstanding. Following the redemption of the Debentures on May 25, 2010, Look will have no Debentures 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.
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, firstname.lastname@example.org, (647) 259-3284