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( "Intercable"), a Canadian telecommunications company that seeks broadband telecommunications opportunities in the international
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(TSX VENTURE: ICH) ( "Intercable"), a Canadian telecommunications company that seeks broadband telecommunications opportunities in the international market, announced today that it is considering a private placement of 6 million euros (approximately CAN $9.6 million), and is proceeding to a price reservation at conditions described here below, together with a debt facility of 13 million euros (approximately CAN $21.08 million).
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A warrant would also be issued for each share subscribed at the level of Intercable at an exercise price of $1.50 per warrant share.
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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.
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Intercable has signed a new bridge loan of 500,000 euros (approximately $795,000) with The Mauritius Commercial Bank Ltd (MCB), a bank affiliated to MCB Equity Fund, a shareholder and insider of Intercable, permitting the company to continue its operations during March 2009.
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Intercable is a Canadian telecommunications corporation that seeks broadband telecommunications opportunities in the international market.
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The bridge loan is repayable on May 31, 2009, carries interest at a rate equal to 3 month LIBOR + 7\%, is guaranteed first rank by all the assets of Intercable and its subsidiairies and by a guarantee from two shareholders and insiders of Intercable, and is subject to other usual terms and conditions for this type of transaction.
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The proceeds from this financing would be used by Intercable to finance the build-out of its broadband network in Reunion Island and to repay its outstanding bridge loans expected to equal 4.5 million euros (approximately CAN $7.19 million) at closing of the planned financing.
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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.
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Intercable benefits from an exemption from the requirements to obtain a formal valuation and the minority approval in connection with the execution of the bridge loan given that the board of directors of Intercable, acting in good faith, has determined that the following conditions have been met and all of the independent directors of Intercable have confirmed such opinion:
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