VANCOUVER, Nov. 7 /CNW/ - IP Applications Corporation (TSX-V: IPX) (the
"Company") is pleased to announce that, further to the Company's news release
of October 19, 2007, it has received final acceptance from the TSX Venture
Exchange and formally closed its non-brokered private placement of 8,804,214
common shares, at a price of $0.14 per share, raising gross proceeds of
In connection with the private placement, the Company has also issued
7,762,400 common shares in satisfaction of secured debt owing to Pender
Financial Group Corporation and Pender Growth Fund (VCC) Inc. (together, the
"Pender Group") in the total amount of $1,086,736. As part of the debt
settlement, the Pender Group has surrendered all of the 1,350,000 common share
purchase warrants previously issued which remained outstanding.
All securities issued are subject to a four-month hold period expiring on
March 7, 2008.
About IP Applications
The Company delivers business process automation and customer care for
companies in the rapidly expanding Software-as-a-Service ("SaaS") market. IP
Applications' customers use the Company's data center and staff to run
particular segments of their business operations. While customers are left to
focus on their product marketing and technology, IP Applications solves the
end user satisfaction and subscriber management issues for them.
This press release may contain forward-looking statements. Actual events
or results may differ materially from those described in the forward-looking
statements due to a number of risks and uncertainties. Forward-looking
statements are based on management's estimates, beliefs, and opinions. The
Company assumes no obligation to update forward-looking statements.
The Exchange does not accept responsibility for the adequacy or accuracy
of this release.
For further information:
For further information: Richard Topham, CFO, D, (604) 630-5657, E,