PLAYA DEL REY, CALIF.PORT ACOM WIRELESS INC. ANNOUNCED IT HAS NEGOTIATED A BROKERED PRIVATE PLACEMENT OF UP TO $6.1 MILLION SPECIAL WARRANTS AT $3.30 PER SPE CIAL WARRANT FOR AGGREGATE GROSS PROCEEDS OF UP TO $20.1 MILLION.
PORTACOM SAI D EACH SPECIAL WAR RANT WILL BE EXCHANGEABLE FOR ONE SHARE OF COMMON STOCK AND ONE-HALF WARRANT TO PURCHASE ONE SHARE OF COMMON STOCK, PROVIDED THAT IF A FINAL PROSPECTUS HAS NOT BEEN CLEARED WITHIN 150 DAYS AF TER THE CLOSING OF THE PLACE MENT, EACH SPECIAL WARRANT WILL BE EX CHANGEABLE FOR 110 PERCENT OF THE SHARES AND WARRANTS INTO WHICH IT WOULD OTHERWISE BE EXCHANGE ABLE. EACH REGULAR WARRANT WILL ENTITLE THE HOLDER TO PURCHASE ONE SHARE OF COMMON STOCK AT $4.40 PER SHA RE WITHIN ONE YEAR OF THE CLOSING.
THE PROCEEDS OF THE OFFERING WILL BE USED TO FUND DEVELOPMENT EX PENSES FOR THE ACQUISITION OF CER TAIN TELECOMMUNICATIONS LICENSES IN ASIA, FOR DEPOSITS ON EQUIP MENT ORDERS AND FOR WORKING CAP ITAL, SA ID THE COMPANY.
