CALGARY, July 8, 2015 /CNW/ - Zaio Corporation (TSXV: ZAO) (the "Company" or "Zaio") announces that debentureholders have agreed to take shares as payment for a total of $240,550 of the June 30, 2015 debenture interest payment pursuant to the terms of the debentures issued under the trust indenture dated May 9, 2013. Subject to TSX Venture Exchange approval, the Company will issue 881,145 common shares in lieu of cash based a deemed conversion price per share of $0.273, being the greater of the 20 day weighted average trading price of Zaio's shares prior to June 30, 2015 and closing market price of Zaio's shares on last trading day prior to the interest payment date.
A total of $13,000 of debenture interest payments will be made in cash pursuant to the terms of the May 9, 2013 trust indenture. Holders of approximately 95 percent of the outstanding debentures agreed to take shares as their form of interest payment for this semi-annual interest payment date.
About Zaio Corporation
Zaio provides customers in the property valuation, underwriting and lending industries with real-time access to certified appraisal reports from the company's patented database of proactively maintained residential property evaluations prepared by licensed appraisers across the United States. Visit the company online at zaio.com.
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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy and of the securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended the U.S. Securities Act, and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
The Company believes that the expectations reflected in this news release are reasonable but actual results may be affected by a variety of variables and may be materially different from the results or events predicted in the forward-looking statements. Readers are therefore cautioned not to place undue reliance on these forward-looking statements. In evaluating forward-looking statements readers should consider the risk factors which could cause actual results or events to differ materially from those indicated by such forward-looking statements. These forward-looking statements are made as of the date hereof and unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or revise any forward-looking statements.
SOURCE Zaio Corporation
For further information: visit www.zaio.com or contact: David King, President & CEO, Zaio Corporation, firstname.lastname@example.org; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, email@example.com