Calgary, Alberta, (Jun 28, 2016) - Ivrnet Inc. (TSXV: IVI) ("Ivrnet" or the “Corporation”) is pleased to announce the Final Acceptance of the renewal of a $250,000 CAD Convertible Debenture for a further one year term, maturing March 15, 2018.
This renewal is a continuation of debt from the Final Acceptance originally issued by the TSX Venture Exchange regarding the completion of a brokered private placement (the “Offering”) declared on February 29, 2016. In this Offering, $250,000.00 in 10% convertible debentures of the Corporation, at a purchase price of $1,000.00 per Convertible Debenture, was issued to subscribers in order to affect the closing. The Convertible Debenture had a term of one year, maturing March 15, 2017 and was convertible during that time into common shares of the Corporation at a conversion price of $0.08 per common share. The Corporation and the holders of the Convertible Debenture had the option to mutually agree to extend the term of the Convertible Debenture by one year at an interest rate of 10%. During the second year, the Convertible Debentures are convertible into common shares at a conversion price of $0.10 per common share. Any shares issued upon conversion are subject to a four month hold period from the date of conversion. Insider Placees did not compose any portion of the Offering.
No finder’s fees, broker’s fees and/or commissions were paid in connection with the renewal of the Convertible Debenture.
Proceeds of the Offering were originally utilized for general working capital.
Ivrnet is a software and communications company that develops, hosts, sells and supports value added business automation software. Our products and services are 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 may contain "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. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause any resultant outcomes 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; 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. Further information on Ivrnet is available at www.sedar.com.
For further information please contact:
Chris L. Topolniski - Chief Operating Officer, Ivrnet Inc.
Direct: (403) 538-9722
Cellular: (403) 870-2434