TORONTO and MONTREAL, Jan. 9 /CNW/ - Look Communications Inc. ("Look" or
the "Corporation") (TSX Venture: LOK and LOK.A) announced today that it has
issued and delivered 587,164 subordinate voting shares of the Corporation in
payment of $146,911 in interest due as of December 30, 2008 on $4,186,000
capital amount of secured convertible debentures currently 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. 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
issuance of 587,164 subordinate voting shares of the Corporation constitutes
the tenth interest payment made on the debentures. The record date for this
interest payment was December 15, 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 587,164 subordinate voting shares issued in payment of interest are
subject to a hold period expiring on May 10, 2009. There are currently
59,871,603 multiple voting shares and 66,661,889 subordinate voting share of
the Corporation issued and outstanding.
About Look Communications Inc.
Look's mission has been to be an M(3) - Mobile Multi Media -
communications, 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, digital television
distribution, and superior customer service to both the business and
residential markets. The Corporation provides its digital television
distribution and wireless Internet services using its approximately 100 MHz of
Multipoint Distribution System spectrum in the 2.5 to 2.7 GHz frequency band
covering approximately 18 million people (1.8 billion MHz/Pops) in the
provinces of Ontario and Quebec. 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.
For further information:
For further information: Peter Block, Investor and Media Relations,
email@example.com, (647) 259-3284