TORONTO, May 7, 2014 /CNW Telbec/ - Mitec Technologies Inc. ("Mitec", NEX: MTM.h) announces further to its press release of April 10, 2014, it has received final approval from the TSX Venture Exchange and completed a non-brokered private placement with its Chairman, Mr. Abe Schwartz.
The secured convertible debenture ("Debenture") in the amount of $390,875 will bear interest at a rate of 12% per annum, maturing on May 6, 2019.
The principal of the debenture is convertible, in whole or in part, during the term of the Debenture, at the option of Mr. Schwartz, into a maximum of 1,475,000 common shares at a deemed price of $0.265 per common share. Mr. Schwartz will also receive 1,475,000 common share warrants exercisable at $0.265 per common share until May 6, 2015. Securities will be subject to a standard four-month hold period on resale.
This news release contains forward-looking statements which reflect Mitec's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan, "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including the difficulty in predicting product approvals, acceptance of and demands for new products, the impact of the products and pricing strategies of competitors, delays in developing and launching new products, the regulatory environment, fluctuations in operating results and other risks, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industry; others are more specific to Mitec. Investors should consult Mitec's ongoing quarterly filings for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. Mitec assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Mitec Technologies Inc.
For further information: Mr. Jeffrey Mandel, President & CEO, IR@mitectech.com, Tel.: (905) 822-8170