Ivrnet Closes Fully Subscribed Non-Brokered Private Placement
CALGARY, June 3, 2014 /CNW/ - Ivrnet Inc. (TSXV: IVI) ("Ivrnet" or the "Corporation") announces the completion of the Corporation's Non-brokered Private Placement declared on April 8th, 2014. Permission was granted by the TSXV to issue an additional 1,920,000 units at $0.05 per unit, for supplementary net proceeds of $96,000.00. This brings the total Unit issuance and aggregate proceeds of the Offering to 9,920,000 and $496,000 respectively. Each Unit will consist of one Common Share of the Corporation and one Common 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 40.32% of the Offering. No finder's fees, broker's fees or commissions were paid in connection with the Offering. Proceeds of the Offering will be utilized to expand the Corporation's product development and sales plans as well as general working capital.
David Snell, Ivrnet's President & Chief Executive Officer comments, "We are extremely excited to have been able to exceed our Closing targets for our second straight Offering in a row."
Chris L. Topolniski, Ivrnet's Vice President of Finance and Administration adds, "Fiscal 2013 was a milestone year for our organization. Our positive financial results clearly demonstrate the commitment and perseverance of both the Ivrnet senior management team and all of our staff members. Our successful business reorganization has brought us to where we are today in fiscal 2014 and poised us to be in the position to execute the next stage of our strategic business plan. This stage will encompass a few key drivers: First, continued development of our redesigned core software platform, Ivrnet Central. Second, creating brand awareness of the "Ivrnet" name through targeted marketing efforts and corporate communications. Third, a clearly delineated and measurable approach to driving corporate revenues through new sales of both our existing and revitalized product suites. Lastly, industry leading delivery and support of our product suites through a refined project management and support metric."
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.
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.
SOURCE IVRnet Inc.For further information: Chris L. Topolniski - Vice President, Finance & Administration, Ivrnet, Direct: (403) 538-9722, Cellular: (403) 870-2434, E-mail: email@example.com