Calgary, Alberta, (March 23, 2016) - Ivrnet Inc. (TSXV: IVI) ("Ivrnet" or the “Corporation”) Further to the Corporation’s amendment announcement concerning the above noted Shares for Debt Issuance on February 1st, 2016 and as per requirements of TSX Venture Exchange Policy 4.3, Ivrnet is pleased to announce the following.
Through the issuance of 1,434,000 Units of the Corporation at a price of $0.05 cents per unit and 600,000 Common Shares of the Corporation at a price of $0.05 per share, the Corporation’s debt associated with same has been extinguished. The total Canadian dollar value of debt converted to Units and Common shares was $71,700 and $30,000 respectively. Each Unit was composed of one common share of the Corporation and one full share purchase warrant. Each Warrant entitles the holder to purchase one additional Common Share (i) at a price of $0.07, if the Warrant is exercised in the first year following its issuance, (ii) at a price of $0.09, if the Warrant is exercised in the second year following its issuance, or (iii) at a price of $0.12, if the Warrant is exercised in the third year following its issuance. Shares, warrants and any shares issued upon exercise of the warrants are subject to a 4 month hold period from the date of closing or date of exercise of the warrants.
Insider Placees composed 29.50% of the Shares for Debt issuance. This securities issuance has not created a new Control Person of the Corporation/Issuer.
Ivrnet is a software and communications company that develops, hosts, sells and supports value added business process improvement software applications, delivered through the traditional phone network and the Internet. These applications facilitate automated interaction through personalized communication between people; mass communication for disseminating information to thousands of people concurrently and personalized communication between people and automated systems. Ivrnet's applications are accessible through nearly any form of communication technology, at any time, from anywhere in North America via voice, phone, fax, email, texting and the Internet.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "expect", "may", "will", "project", "should" or similar words suggesting future outcomes. In particular, this press release contains forward-looking information relating to the closing of the Private Placement. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the closing of the Private Placement not to occur or the closing date to be materially different from that expressed or implied herein, including but not limited to: risks related to capital markets, general economic conditions, legislative and regulatory developments, and the regulatory approval process for the Private Placement, as well as those factors discussed in Ivrnet's documents filed on SEDAR (www.sedar.com).
Although Ivrnet has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated. Accordingly, readers should not place undue reliance on forward-looking statements. Ivrnet does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws. Additional information on Ivrnet is available at www.sedar.com.
For further information please contact:
Chris L. Topolniski - Chief Operating Officer, Ivrnet
Direct: (403) 538-9722
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.