QUEBEC CITY, July 6 /CNW Telbec/ - Lyrtech Inc. ("Lyrtech" or the "Company") (TSX-V: LTK), a firm specializing in digital signal processing technologies, announces that it has the intent to complete a convertible debenture financing of $250,000 (the "Debenture") with Finexcorp Inc. (the "Holder") and a private placement of $60,000. The proceeds of these placements will be used as repayment of another convertible debenture currently due amounting to $250,000 and as working capital of the Company. The placements are subject to the approval of the regulatory authorities.
The Debenture will have a two-year term following its issue, bearing an annual interest rate of 10 %, and will be convertible into Lyrtech common shares at $0.10 per share. The issue of the Debenture is conditional to the approval of regulatory agencies.
The Holder of this new convertible debenture, Finexcorp, is based in the Province of Quebec, and is a private, independent asset-based financing company offering an entire range of working capital solutions (www.finexcorp.ca).
Moreover, the Holder is investing $60,000 through a private placement in common shares of Lyrtech at a price of $0.07 per share, for 857,143 units. Each unit is comprised of one common share of Lyrtech at a price of $0.07 and one warrant. Each whole warrant entitles the Holder to acquire one common share of the Company, at a price of $0.10 per share for a period of 12 months following the closing date.
"We are proud of Finexcorp's continued trust in Lyrtech's projects and future. Finexcorp continues to be a great partner through this new financing and its flexible working capital solutions," stated Louis Bélanger, president and chief executive officer of Lyrtech.
The securities issued under these placements will be subject to a restricted period on resale for four months and one day.
Lyrtech develops and manufactures advanced digital signal processing solutions for companies worldwide, a vital technology to network and wireless communications, audio and video processing, as well as electronic systems in all fields of technology. Lyrtech offers a full range of DSP-FPGA development platforms, as well as design, prototyping, and manufacturing of electronic products (through its manufacturing partner Enigma Interconnect). Lyrtech works in partnership with industry leaders such as Texas Instruments, The MathWorks, and Xilinx. Lyrtech's customers include many prestigious names of the consumer electronics, telecommunications, aerospace and defence fields. For more information, visit www.lyrtech.com.
Finexcorp, a privately owned Quebec company specialised in asset-based financing and, more specifically, in financing partnerships, is the only important non-institutional, asset-based financing organization that is not a bank in Quebec. For more information about Finexcorp, visit www.finexcorp.ca.
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.
SOURCE LYRTECH INC.
For further information: For further information: Louis Bélanger, president and CEO, Lyrtech Inc., 418-877-4644, email@example.com