TORONTO, Jan. 18 /CNW/ - 01 Communique Laboratory Inc. (TSX:ONE) today announced that it has closed the sale of $1,100,000 of Debenture Units by way of a private placement.
Each Debenture Unit consists of one secured debenture ("Debenture"), with a principal amount of $100,000, and 100,000 common share purchase warrants ("Warrants"). Each Debenture bears interest at a rate of 15%, calculated and payable quarterly. The Debentures have a term of 36 months. In addition to the repayment of the principal and interest thereon, the Debenture also constitutes an obligation of 01 Communique to pay to the holder of the Debenture, 0.4% of the cash proceeds received by 01 Communique as a result of (i) a final, non-appealable decision by a court of competent jurisdiction in respect of the Corporation's litigation with Citrix Systems Inc. or (ii) a settlement in respect of such matter. The Debentures are secured by a general security agreement. Each warrant will be exercisable into one common share in the capital of 01 Communique for a period of 36 months from the closing of the offering at an exercise price of $0.20 per Common Share.
"We are pleased to report that we have been able to strengthen our Balance Sheet adding an extra $1.1m of cash with minimum dilution to our shareholders," said Brian Stringer, Chief Financial Officer for 01 Communique. "The proceeds received from this Debenture will be used for corporate working capital."
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
About 01 Communique
Established in 1992, 01 Communique (TSX: ONE) is an innovative force in the development and delivery of remote access and support products and integrated communications software. 01's suite of products includes its remote access product line I'm InTouch (www.imintouch.net) and its remote support product I'm OnCall (www.imoncall.com). For more information on its products, visit www.01com.com or call (905) 795-2888 or (800) 668-2185 (North America only).
Cautionary Note Regarding Forward-looking Statements.
Certain statements in this news release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this news release, such statements use such words as "may", "will", "expect", "believe", "plan", "intend", "are confident" and other similar terminology. These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under "Risk Factors" in the company's Annual Information Form filed on SEDAR. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward looking statements. These forward-looking statements are made as of the date of this news release, and the company assumes no obligation to update or revise them to reflect new events or circumstances.
SOURCE 01 Communique Laboratory Inc.
For further information: For further information: INVESTOR CONTACT: Brian Stringer, Chief Financial Officer, 01 Communique, (905) 795-2888 x204, firstname.lastname@example.org