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 March 8, 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.
Eiger Technology, Inc.
Date: March 8, 2000 Mr. Gerry A. Racicot
President
<PAGE>
PRESS RELEASE
March 8, 2000
- --------------------------------------------------------------------------------
TSE:AXA
OTC BB:ETIFF
EIGER CLOSES $20,000,000 SPECIAL WARRANT FINANCING
STRATFORD, ON, March 7, 2000/CNW/ - Eiger Technology, Inc. ("Eiger") (TSE: AXA,
OTC BB: ETIFF), a leading manufacturer of Internet and computer related
products, today announced that it has closed its previously announced financing.
Gross proceeds of the offering, including those in connection with the exercise
of the Underwriter's over-allotment option, were $22,000,000. 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. Gerry
Racicot, President of Eiger Technology, Inc. said "this financing will ensure
our continued growth as witnessed in our first quarter where revenue increased
600% vis-a-vis last year and earnings were 2(cent) per share".
In accordance with the terms of the offering, one third of the proceeds of the
offering were released to Eiger today, with 50% of the balance to be released on
the date of filing of the preliminary prospectus and the remaining 50% to be
released on the earlier of (a) 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 were sold; or (b) twelve months from today.
On February 23, 2000 the Company entered into an agreement with a syndicate of
Underwriters to issue up to 4,000,000 Special Warrants at a price of $5.00 per
Special Warrant. The syndicate was led by Dundee Securities Corporation and
included Canaccord Capital Corporation and Nesbitt Burns Inc. The Underwriters
were also granted, and today exercised in full, an over-allotment option to
acquire up to an additional 400,000 Special Warrants at price of $5.00 per
Special Warrant. Each Special Warrant is exercisable into one common share of
the Company for no additional consideration, subject to adjustment.
The Special Warrants, and the common shares issuable upon the exercise of the
Special Warrants, have not and will not be registered under the United States
securities laws and may not be offered or sold in the United States, except
pursuant to an exemption from registration.
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
818 Erie St. Stratford, ON N4Z 1A2 519-273-0503(tel) 519-273-1684(fax)
