Xplore completes $9,680,000 fundingNews release:
TORONTO, Jan. 4 /CNW/ - Xplore Technologies(R) Corp. ("Xplore"), a rugged
Pen computing innovator, announced today it has completed a $9,680,000 (gross
proceeds before expenses and commissions) financing. Xplore issued and sold
12,100,000 Special Warrants at a price of $0.80 per Special Warrant with
Thomson Kernaghan & Co. Ltd. acting as Agent.
Each Special Warrant entitles the holder to acquire one Unit of Xplore,
without payment of any consideration in addition to the purchase price of such
Special Warrant. Each Unit will consist of one common share of the Corporation
and three-quarters of one warrant of the Corporation, each whole Warrant
entitling the holder thereof to purchase one Common Share at a price of $1.50
per share. This transaction has been approved by the presiding regulatory
agencies.
Xplore intends to file a prospectus qualifying the Common Shares issuable
upon exercise of the Special Warrants as soon as possible. If a final receipt
of the prospectus has not been received by April 27, 2000, each holder of
Special Warrants upon exercise of the Special Warrants, will receive 1.1
Common Shares and 0.75 of a Warrant (in lieu of one Common Share and 0.75 of a
Warrant), without payment of additional consideration.
Xplore intends to use the proceeds from the Offering to facilitate the
production and fulfillment of an increasing number of purchase orders, to
expand its sales and marketing efforts and continue to execute the Company's
R&D plans.
Of the gross proceeds, $4.84 million has been held in escrow pending the
conversion of certain outstanding debentures of the company by the debenture
holders. Conversion will take place in early January 2000. All debenture
holders have undertaken to convert. All other necessary approvals have been
obtained.
"This financing provides Xplore with the necessary funds to execute our
business plan and positions us well to capitalize on the growing demand for
our innovative, rugged Pen Computing Systems," stated Brian Groh, Xplore's
President and CEO. "The Xplore Team would like to commend Thomson Kernaghan
for executing this funding initiative in a highly professional yet expedited
fashion," Mr. Groh added.
Xplore Technologies(R) is a publicly traded North American company that
designs, manufactures, markets and supports comprehensive ruggedized mobile
computing systems. Xplore's GeneSys(R) System incorporates leading edge
technologies and has been created based on years of customer design input.
Xplore's expanding customer base includes companies from the Utility, Line
Location, Law Enforcement, EMS, Aviation and Field Service Industries. In
addition to regional sales offices, the Company has established two primary
office locations in Austin, Texas and Mississauga, Ontario. In recognition of
the overall design, Xplore's GeneSys Mobile Computing System was awarded a
bronze medal in the Industrial Designers Society of America's 1998 Annual IDEA
Excellence contest and has numerous patent awards in the United States.
The CDNX Exchange has neither approved nor disapproved the information
contained herein. Xplore Technologies(R) and GeneSys(R) are registered
trademarks of Xplore Technologies Corporation of America.
-0- 01/04/2000