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Look Communications has expansion plans after getting $5 million in investment

News | 08/15/2002 4:00 am EDT

Struggling wireless cable and high-speed Internet provider Look Communications Inc. has received a cash infusion of $5 million that it will use to expand its customer base and better serve existing customers. Concord ON-based Unique Broadband Systems Inc. (UBS) has chipped in the money through a private placement worth about $1.392 million that will see it acquire a nine per cent share of Look. It will also invest about $3.608 million in consideration for a debenture with a five-year term that could be converted after a year into more shares of Look that would bring UBS’ ownership to 23 per cent.

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