TORONTO, Jan. 31, 2018 /CNW/ - 01 Communique Laboratory Inc. (TSX-V:ONE) today announced that it has entered into an agreement to amend the terms of its previously issued $400,000 principal amount of debentures (the "Debentures") and 800,000 common share purchase warrants that were issued on April 24, 2015.
Each Debenture currently bears interest at a rate of 10% per annum, calculated and payable quarterly. The Debentures have a term of 36 months expiring on April 24, 2018 and are redeemable at any time prior to maturity at the discretion of 01 Communique with payment of an additional three months interest. The Debentures are secured by a general security agreement. Each warrant is exercisable into one common share in the capital of 01 Communique at any time until April 24, 2018 at an exercise price of $0.21 per Common Share. Under the terms of the proposed amendment the rate of interest on the debentures would be increased to 15% and the maturity date would be extended until April 24, 2019. Furthermore, the warrant exercise price would be decreased to $0.10 and the expiry date would be extended to April 24, 2019. In addition the amended warrants would provide for an expiry date acceleration clause such that the exercise period of the warrants will be reduced to 30 days if, for any ten consecutive trading days during the unexpired term of the warrant (the "Premium Trading Days"), the closing price of the common shares of 01 Communique exceeds the exercise price of the warrants by 25% or more and the reduced exercise period of 30 days will begin no more than 7 calendar days after the tenth Premium Trading Day).
The amendments remain subject to the approval of the TSX Venture Exchange.
Neither TSX Venture Exchange ("TSX-V") 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.
About 01 Communique.
Established in 1992, 01 Communique Laboratory Inc. (TSX-V:ONE) offers a suite of remote access services designed for small-medium sized business, mobile professionals and IT service providers. 01's software as a service offerings are deployed on-demand and include functionality enabling on-line meetings, remote computing and IT support. 01's suite of products includes its remote access offering I'm InTouch (www.imintouch.com), its online meeting offering (www.imintouchmeeting.com) and its remote support offering I'm OnCall (www.imoncall.com ) products are protected in the U.S.A. by its patents #6,928,479 / #6,938,076 / #8,234,701 and in Canada by its patents #2,309,398 / #2,524,039 and Japan by its patent #4,875,094. For more information, visit www.01com.com or call (905) 795-888 or (800) 668-2185 (North America only).
SOURCE 01 Communique Laboratory Inc.
For further information: Investor Contact: Brian Stringer, Chief Financial Officer, 01 Communique, (905) 795-2888 x204, [email protected]