This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:ZoomerMedia, Fairfax Financial amend financing terms 2009-11-05 21:16 ET - News Release Mr. Gord Poland reports ZOOMERMEDIA LIMITED AMENDS TERMS OF FAIRFAX PRIVATE PLACEMENT
ZoomerMedia Ltd. (Zoomer) and Fairfax Financial Holdings Ltd. have agreed to amend the terms of the previously announced agreement pursuant to which Fairfax intends to invest $17.6-million in Zoomer on a private placement basis. The amendments have been made in order to ensure that the investment by Fairfax complies with the requirements of the CRTC (Canadian Radio-television Telecommunications Commission) relating to foreign ownership.
Previously, Fairfax had agreed to subscribe for and Zoomer had agreed to issue to Fairfax, on a private placement basis, 176 million common shares of Zoomer at a price of 10 cents per share. The terms of the private placement have been amended so that Fairfax has now agreed to subscribe for 44,025,901 common shares and 131,974,099 non-voting Series 1 Class A preference shares, all issued at a purchase price of 10 cents per share.
The investment by Fairfax continues to be subject to a number of conditions, including, amongst other things, the completion of the acquisition by Zoomer of certain assets from Vision TV (VTV), and the sale to Zoomer of several media and real estate assets (the MZ assets) currently owned directly or indirectly by Zoomer's president, chief executive officer and majority shareholder, Moses Znaimer, as previously disclosed.
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