QUEBEC CITY, July 9 /CNW Telbec/ - Lyrtech Inc. ("Lyrtech" or the "Company") (TSX-V: LTK), a firm specializing in digital signal processing technologies, announces it has concluded a new non-brokered private placement for an amount of $51,250 through the subscription of common shares of Lyrtech, at $0.07 per share. The proceeds of this placement will be used as working capital of the Company and is subject to the approval of the regulatory authorities. The securities issued under this placement will be subject to a restricted period on resale for four months and one day.
The Company also wishes to correct an error in the disclosure provided in its News release of July 6, 2010, and as such advises that the non-brokered private placement of units is for an amount of $111,250 and 1,589,286 units, not for a maximum amount of $60,000 and 857,143 units. The complete and corrected release follows:
Lyrtech Inc. ("Lyrtech" or the "Company") (TSX-V: LTK), a firm
specializing in digital signal processing technologies, announces that it
has concluded a convertible debenture financing of $250,000 (the
"Debenture") with Finexcorp Inc. (the "Holder") and a private placement
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 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, Lyrtech has concluded a new financing through a private
placement of units, for an amount of $111,250 and 1,589,286 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 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 LYRTECH INC.
For further information: For further information: Louis Bélanger, president and CEO, Lyrtech Inc., 418-877-4644, firstname.lastname@example.org