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FiberCore Replaces $19 Million Equity Line, Draws Down $3 Million

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CHARLTON, Mass., Aug. 23 -- FiberCore Inc. has replaced an existing $19 million equity line of credit and received proceeds of $3 million upon the private placement of common stock to Crescent International Ltd.
   The purchase price was at a premium over the closing price of FiberCore's common stock on August 20, when FiberCore and Crescent entered into a new stock purchase agreement. The new agreement replaces FiberCore's existing agreement with Crescent, which was a $30 million equity line. $11 million of the line was drawn in 2000 for the purchase of Xtal FiberCore Brasil, S.A. With the recent $3 million draw down, the equity line has now been reduced to $16 million.
   The new agreement contains several positive features, including a pricing mechanism more advantageous to FiberCore. The proceeds from the current sale and future sales to Crescent will be used to fund capacity expansion and for other corporate purposes.
Aug 2001
fiber opticsNews & Features

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