TORONTO and MONTREAL, July 9 /CNW/ - Look Communications Inc. ("Look" or
the "Corporation") (TSX Venture: LOK and LOK.A) announced today that it has
issued and delivered 308,822 subordinate voting shares of the Corporation in
payment of $146,911 in interest due as of June 30, 2008 on $4,186,000 capital
amount of secured convertible debentures currently outstanding.
The debentures were issued in February 2004 pursuant to a rights offering
effected by the Corporation, in connection with which a final prospectus was
filed on January 16, 2004. The debentures bear interest at a rate of 7% per
year and mature in 2013. Interest on the debentures is due semi-annually (in
arrears), on June 30 and December 30 of each year. This issuance of
308,822 subordinate voting shares of the Corporation constitutes the ninth
interest payment made on the debentures. The record date for this interest
payment was June 16, 2008. The number of subordinate voting shares issued and
delivered in payment of interest due was determined by the Corporation in
accordance with the provisions of the secured trust indenture dated January
30, 2004 pursuant to which the debentures were issued and which was
subsequently amended on April 8, 2005. The debentures are direct obligations
of the Corporation and rank pari passu with all other subordinated, secured
obligations of the Corporation.
The 308,822 subordinate voting shares issued in payment of interest are
subject to a hold period expiring on November 8, 2008. There are currently
59,871,603 multiple voting shares and 66,074,725 subordinate voting shares of
the Corporation issued and outstanding.
About Look Communications Inc.
Look's mission is to be an M(3) - Mobile Multi Media - entertainment and
information service provider in Ontario and Québec. The Corporation currently
delivers a full range of communications services, including high-speed and
dial-up Internet access, Web applications, digital television distribution,
and superior customer service to both the business and residential markets.
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 forecasts.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Peter Block, Investor and Media Relations,
firstname.lastname@example.org, (403) 531-0331, (416) 586-0180