investment from mitsui joint wimax development

Sydney - Monday - August 28: (RWE Aust Business News) - Wireless
internet service provider Unwired Group Ltd (ASX:UNW) has announced that
Mitsui & Co Ltd will invest between $5 million and $8 million in Unwired
and will work together on developing mobile WiMAX infrastructure and
applications.
As part of the deal, Mitsui has agreed to invest in secured
convertible notes issued by Unwired with a face value of 45c and a 5 per
cent pa coupon rate.
The notes will have a five-year term, and convert 1:1 into
ordinary shares, which will mean the minimum $5 million investment would
convert into 11.11 ordinary shares.
If Unwired and Mitsui agree, Mitsui may subscribe for an
additional $3 million of convertible notes on the same terms by December
16.
The deal has been executed but Mitsui is not required to submit
the cash funds until Unwired completes the raising of an additional $18
million by January 16.
This is in alignment with Unwired's commitment made to Intel last
year to raise at least a further $23 million to expand its business, and
Unwired said the investment by Mitsui is a step towards realising this
commitment.
The two companies have also undertaken to share information to
facilitate their working together on the development of mobile WiMAX and
on mobile applications that will be able to be used by internet and
mobile phone users on mobile WiMAX and mobile phone networks around the
world.