SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a- 16 or 15d-16 of the
Securities Exchange Act of 1934
Press Release dated February 24, 2000
Eiger Technology, Inc.
818 Erie St.
Stratford, ON
N4Z 1A2
[Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40- F]
Form 20-F |X| Form 40-F |_|
[Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information by the
Commission pursuant to Rule 12g3-2(b) under the Securities Act of 1934.]
Yes |X| No |_|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Alexa Ventures Inc.
Date: February 24, 2000 Mr. Gerry A. Racicot
President
<PAGE>
Eiger
==============================================
PRESS RELEASE
February 24, 2000
- --------------------------------------------------------------------------------
TSE:AXA
OTC BB:ETIFF
EIGER ANNOUNCES $20,000,000 SPECIAL WARRANT FINANCING
STRATFORD, ONTARIO, CANADA, FEBRUARY 24, 2000 --Eiger Technology Inc. ("Eiger")
(TSE: AXA, OTC BB: ETIFF), a leading manufacturer of Internet and computer
related products, has entered into an underwriting agreement with Dundee
Securities Corporation, Canaccord Capital Corporation and Nesbitt Burns Inc.
(the "Underwriters") to complete a $20 million financing.
The net proceeds received by Eiger from the financing will be used to expand the
OEM, MP3 and DSL modem business operations of Eiger, and for general corporate
purposes.
The Underwriters will place up to 4 million special warrants at $5 each. Each
special warrant may be exercised without payment of additional consideration for
one common share of Eiger. The closing date is expected to occur on or about
March 7, 2000, and is subject to receipt by Eiger of all necessary regulatory
approvals.
Gerry Racicot, President of Eiger Technology, Inc. stated, "We are especially
pleased and excited to receive such a firm vote of confidence from the Canadian
Institutional Investment Community of both our accomplishments to date and our
business plan. This financing is expected to enable Eiger Technology, Inc. to
achieve its growth potential and continued profitability in the foreseeable
future".
Eiger will file a prospectus in each Canadian province in which special warrants
are sold to qualify the distribution of the shares upon exercise of the special
warrants. If final receipts for the prospectus are not obtained within 120 days
after the closing date from the securities commissions of each such province,
each special warrant will thereafter be exercisable for 1.1 common shares. One
third of the proceeds of the offering will be released to Eiger on the closing
date, with 50% of the balance released on the date of filing of the preliminary
prospectus and the remaining 50% released on the later of the date of issue of a
receipt for Eiger's final prospectus from the last of the securities commission
of the provinces in which special warrants are sold and twelve months after the
closing date.
The offering is subject to an over-allotment option which will permit the
Underwriters to purchase or arrange for substituted purchasers for additional
special warrants equal in number to 10% of the number of special warrants to be
offered pursuant to the offering at a price equal to the offering price. Such
option may be exercised by the Underwriters at any time in whole or in part
prior to the Closing Date.
In consideration for acting as Eiger's agent in respect of the sale of the
special warrants, the underwriters will receive a cash commission, and an option
to acquire common shares in the amount of 7% of the number of special warrants
issued. Such options will be exercisable up until the second anniversary of the
closing date at an exercise price of $5.00 (Canadian). The distribution of
shares upon the exercise of the Underwriters' option will also be qualified by
prospectus.
DIRECTORS OF EIGER TECHNOLOGY, INC.:
G.A. Racicot
Chief Executive Officer
THE MANAGEMENT OF THE COMPANY WHO TAKE FULL RESPONSIBILITY FOR ITS CONTENTS
PREPARED THIS PRESS RELEASE. THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND
DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Eiger Technology, Inc.
818 Erie St. Stratford, ON N4Z 1A2 Phone:519-273-0503 Fax: 519-273-1684
e-mail: [email protected]
