TORONTO AND MONTREAL, Dec. 31 /CNW/ - Look Communications Inc. ("Look" or the "Corporation") (TSX Venture: LOK and LOK.A) announced today that it has made a cash payment of $145,530 for interest due as of December 30, 2009 on $4,158,000 capital amount of secured convertible debentures.
The debentures were issued in February 2004 pursuant to the 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 will mature in 2013. Interest on the debentures is due semi-annually (in arrears), on June 30 and December 30 of each year. This cash payment by the Corporation constitutes the twelfth interest payment made on the debentures. The record date for this interest payment was December 15, 2009. The cash payment for 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.
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 forecasts.
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