TORONTO and MONTREAL, April 24 /CNW/ - Look Communications Inc. (TSX
Venture: LOK and LOK.A) announced today that it would issue and deliver
subordinate voting shares of Look in payment of interest due as of June 30,
2007 on its secured convertible debentures then outstanding. The debentures
were issued in February 2004 pursuant to the rights offering effected by Look,
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
Look is subject to regulatory approval, including that of the TSX Venture
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 June
15, 2007. The number of subordinate voting shares to be issued and delivered
in payment of interest due will be determined by Look 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 Look and rank pari passu with
all other subordinated, secured obligations of Look.
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 Company is developing
an M(3) network and 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 contains
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