TMCnet News
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[January 28, 2004] Zi Completes US$1 Million Short Term Financing Zi Corporation, a leading provider of intelligent interface solutions, today announced that it has entered into an agreement with an affiliate of a Canadian registered securities dealer to borrow US$1 million under a short term credit facility secured by five million shares of the 29.75 million shares of Magic Lantern Group, Inc., owned by Zi.Under a fiscal agency agreement signed with the affiliate, Zi issued 400,000 options to purchase common shares of Zi at CDN $3.25. Proceeds of the financing were used to meet certain obligations due on December 31, 2003, and for working capital purposes. |