Intercable Announces the Filing of a Preliminary Prospectus for its Units Offering
16 Outubro 2008 - 6:46PM
Marketwired
Intercable ICH Inc. (TSX VENTURE: ICH) ("Intercable" or the
"Corporation") is pleased to announce it has filed this day, with
the regulatory authorities of British Columbia, Alberta, Ontario
and Quebec, a preliminary prospectus for an offering of units.
The offering consists of units of the Corporation at a price of
$5,000 per unit, each unit consisting of five 15% secured
subordinated debentures in the principal amount of $1,000 due three
years from the date of closing of the offering, and 1,250 common
share purchase warrants. Each warrant will entitle the holder to
purchase one common share at a price of $1.50 at any time during
the period of four years following the closing. The agent is Jones
Gable & Company Limited. The issue price of the units has been
negotiated with the agent.
Intercable applied today with the TSX Venture Exchange for a
listing of its common shares issuable under the warrants.
Proceeds from the offering will be used by the Corporation to
repay its secured bridge loan, to fund its infrastructure rollout,
to fund operating expenses and for general working capital.
Operational Milestones
As at September 30, 2008, the Corporation had completed
approximately 80% of a cable network build-out on approximately
6,000 homes in the Northern communes of Le Port and La Possession
in Reunion Island. As a result of a current conflict with France
Telecom, the Corporation has suspended the deployment of its
underground network in these communes. If the conflict with France
Telecom (see "Conflict with France Telecom") is resolved in a
satisfactory manner, the Corporation believes that it will be able
to connect those 6,000 homes within approximately two months. Given
the suspension of the deployment of its network in Le Port and La
Possession, the Corporation has redirected its network deployment
in high density aerial sectors of Reunion Island, where it has
executed agreements to use existing third party infrastructures.
The Corporation has started its aerial deployment in the North of
Reunion Island, in the Saint-Paul commune, where it has already
launched its commercial services. As of September 30, 2008, there
was approximately 1,750 homes passed, of which approximately 1,250
have been approached by the Corporation's sales representatives. As
of September 30, 2008, the Corporation was providing television,
internet and telephony services to approximately 200 customers. As
of September 30, 2008, the average of revenue generating units
(RGU), representing the aggregate number of television, internet
and telephony services, was at 1.9 per customer.
Conflict with France Telecom
On July 7, 2008, despite two civil engineering leasing
agreements signed with France Telecom, the Corporation received a
demand letter from France Telecom requiring the Corporation to
suspend its deployment and to proceed with the removal of its
cables already installed in the infrastructure which France Telecom
claims to be the owner. On September 10, 2008, France Telecom's
demand was heard by the Commercial Court of Saint-Denis in Reunion
Island. The Commercial Court of Saint-Denis rendered its decision
on October 8, 2008. As anticipated by the Corporation, the Court
declared itself not qualified to hear the case given that the civil
engineering leasing agreements executed with France Telecom
provided a reconciliation process under the supervision of the
Commercial Court of Paris. In addition, the Commercial Court of
Saint-Denis condemned France Telecom to pay to the Corporation
15,000 Euros in discretionary costs for legal expenses incurred by
the Corporation. The Corporation has also asked the Autorite de
Regulation des Communications Electroniques et des Postes (the
"ARCEP"), which regulates notably the competition in the
telecommunications industry in France, to render a decision to
settle the conflict with France Telecom. The Corporation expects
that the ARCEP will render its decision on or before December 28,
2008.
MCB Secured Bridge Loan
On August 28, 2008, the Corporation entered into a fully secured
bridge loan facility of 3 million Euros (approximately $4,792,000)
with Mauritius Commercial Bank Ltd. ("MCB"), a bank affiliated with
MCB Equity Fund, a shareholder and insider of the Corporation (the
"MCB Secured Bridge Loan"). The MCB Secured Bridge Loan shall be
disbursed by tranches until maturity on October 31, 2008, each
disbursement being at the discretion of MCB and subject to no
adverse material changes. As of October 15, 2008, 1.4 million Euros
(approximately $2,217,816) have been disbursed. On October 15,
2008, MCB has extended the maturity date of the MCB Secured Bridge
Loan to November 30, 2008.
About Intercable
Intercable is a Canadian telecommunications corporation that
seeks broadband telecommunications opportunities in the
international market. Intercable's business strategy is to focus on
underserved telecommunications and cable markets by building and
operating its own broadband networks using state-of-the-art
technology capable of offering cable television, high-speed
Internet and telephony services, at a low cost and with high
service quality. The Corporation targets markets with i) limited or
no cable service; ii) feasibility of aerial cable construction; and
iii) stable political environments. Management believes that
Reunion Island currently represents the most significant growth
opportunity for Intercable.
The TSX Venture Exchange has not reviewed this press release and
therefore does not accept responsibility for its adequacy or
accuracy.
This press release contains forward-looking statements that are
subject to known and unknown risks and uncertainties that could
cause actual results to vary materially from targeted results. Such
risks and uncertainties include those described in Intercable's
annual information form dated July 8, 2008 or in the filings made
by Intercable from time to time with securities regulators.
Intercable undertakes no obligation to publicly release the result
of any revision of these forward-looking statements to reflect
events or circumstances after the date they are made or to reflect
the occurrence of unanticipated event.
Contacts: Intercable ICH Inc. Guy Laflamme President and Chief
Executive Officer 450-582-7953 guylaflamme@intercable.ca Intercable
ICH Inc. Serge Dupuis Chief Financial Officer 514-904-0163
sergedupuis@intercable.ca www.intercable.ca
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