TORONTO and MONTREAL, Nov. 22 /CNW/ - Look Communications Inc. ("Look" or
the "Corporation") (TSX Venture: LOK and LOK.A) announced today that it would
issue and deliver subordinate voting shares of the Corporation in payment of
interest due as of December 30, 2007 on its secured convertible debentures
then outstanding. 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. This payment of the interest on the
debentures in subordinate voting shares of the Corporation is subject to
regulatory approval, including that of the TSX Venture Exchange.
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. The record date for the interest payment is
December 14, 2007. The number of subordinate voting shares to be issued and
delivered in payment of interest due will be 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 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,
email@example.com, (403) 531-0331, (416) 586-0180