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Xentel | | . | Press Release - December 23, 1999 |
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Xentel DM raises over $2 million to fund U.S. growth
CALGARY, ALBERTA, December 23, 1999 - XENTEL DM Incorporated (CDNX:XDM) today reported the completion of a private placement of 2,950,000 special warrants for gross proceeds of $2,360,000. The financing was conducted by Dundee Securities Corporation by way of special warrants priced at $.80 per warrant. Each special warrant entitles the holder to receive one common share of the Company and one half of one share purchase warrant which has an exercise price of $1.10 and expires on December 23, 2000. The Company intends to file a prospectus on or before December 31, 1999 to qualify the special warrants and to raise an additional $7.5 million through the issuance of additional common shares. The proceeds of this and future financings will be used to expand U.S. operations, through the installation of the new technology into its recently acquired U.S. entertainment business, to extinguish venture capital debt and for general working capital purposes. XENTEL DM Incorporated is one of North America's leading producers of family-oriented live entertainment, staging approximately 400 events in 1999. XENTEL utilizes proprietary sales tools, including its technologically advanced teleservices organization and sophisticated customer databases, to effectively pre-sell its events, thereby increasing revenue, and profits and minimizing the number of unsold event tickets. XENTEL DM Inc. has approximately 2,000 employees in 27 offices across North America and is traded on the Canadian Venture Exchange under the symbol XDM. The Canadian Venture Exchange has neither approved nor disapproved of the contents of this announcement. For further information, please contact:
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