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Bridges.com Announces $18 Million Special Warrant Offering
March 21, 2000 For Immediate Release Bridges.com Inc. ("BIT - T") announced that it has agreed to a $18 million special warrant offering led by Yorkton Securities Inc., the proceeds of which will be used to finance the acquisition announced on February 8th, 2000. BMO Nesbitt Burns Inc., Canaccord Capital Corporation and Goepel McDermid Inc. will also participate in the private placement which is expected to close on or before March 30, 2000. The private placement consists of 3.25 million special warrants to be issued at $5.55 per special warrant. Each special warrant will entitle the holder to acquire a unit consisting of one common share of the Company and one half of a common share purchase warrant for no additional cost. Each full common share purchase warrant will entitle the holder to purchase one common share at a price of $5.90 for a period of 6 months from conversion of the special warrants to units. Proceeds of the offering are to be escrowed pending closing of the acquisition, to occur no later than April 27th, 2000. In the event that receipts for the final prospectus qualifying the issuance of common shares to be issued upon exercise of the special warrants are not issued by the securities regulatory authorities within 120 days of the closing date, each special warrant shall entitle the holder to acquire 1.1 common shares of the Company for no additional cost. Completion of the special warrant offering will be subject to the execution of definitive documentation, including an underwriting agreement, and the receipt of all other necessary approvals. About Bridges.com Bridges.com is the market leader in the provision of online career and educational services to North American middle and secondary schools. The company's community of individual career planners, featuring over 2.5 million students, recorded 21 million page views on Bridges.com tools in Q4 1999. Bridges.com's popular Career Explorer tool is used in over 5,100 sites across North America. The company also publishes 14 online daily career news services, including customized services in North Carolina, Pennsylvania, West Virginia and Manitoba. Bridges.com's Web-based services keep people informed about emerging career opportunities, and enable them to take charge of achieving the future they desire. Bridges.com trades on the Toronto Stock Exchange as BIT. Bridges.com |
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