10/19/2005 5:11:23 PM
International Wex Technologies Inc. (TSX: WXI) ("Wex" or the "Company") is pleased to announce that its wholly owned subsidiary, Wex Medical Limited, has agreed in principle to issue unsecured convertible debentures in the aggregate principal amount of US$5.1 million (the "Debentures") to major Asian financial institutions. This issue is non-brokered and no commissions or finders' fee will be payable.
The Debentures will have a term of 5 years and will carry an annual coupon of 5.5%, payable semi annually. The Debentures will be guaranteed by Wex. The Debentures will be convertible at the option of the holders at any time until maturity into common shares of Wex at a conversion price of CDN$5.00 per share. As an incentive for early conversion, Wex will pay, in common shares of Wex at a price of CDN$5.00 per share, a bonus amount of 4% of the face value of any of the Debentures converted within the first year. Wex may at its option force conversion of the Debentures provided the daily closing price of common shares in Wex equals or exceeds CDN$7.50 per share for 10 consecutive trading days. The issuance of the Debentures will be subject to the approval of the Toronto Stock Exchange. Closing is expected to occur within 30 days.
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