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CALGARY, Nov. 2 /CNW/ - Artevo Corporation ("Artevo" or the "Corporation") (TSX Venture: AEV) announces that it has reapplied to the TSX Venture Exchange ("TSX-V") to offer for sale the amount remaining of the $4,000,000 principal amount of Debentures previously announced in the amount of up to $2,129,000 of Debentures to be issued on the same terms as the initial Private Placement. The Debentures will have an interest rate of 15% per annum payable monthly and will be secured by a general security agreement registered against the assets of the Corporation. For every $3.00 of principal amount of Debentures purchased, subscribers will receive a Warrant, with each Warrant entitling the holder thereof to purchase one common share in the capital of the Corporation (the "Common Shares") at an exercise price of $0.10 per Common Share for a period of one year from the date of issuance. The Debentures will have a maturity date of two years from the date of issuance and will not be redeemable by Artevo during the first year. The issuance of securities is subject to TSX-V approval and will have a hold period of four (4) months from the date of issuance. The Corporation may redeem the Debentures during the second year thereby incurring a penalty of 3% of the principal amount of the Debentures. Artevo may pay a commission of up to 6% cash to certain introducing parties in respect on the sale of Debentures.
The proceeds made available through the previously announced sale of Debentures and the remaining private placement will be used to launch nationwide revenue streams that are ready for deployment, initiate offline and online marketing strategies, evaluate potential opportunities for acquisition, and for working capital to fund ongoing operations of Artevo.
Artevo is a technology driven company focused on the production, marketing and distribution of collectable fine art products.
The Corporation is headquartered in Calgary, Alberta. For further information contact Christopher Talbot, the President and Chief Executive Officer at (403) 244-8123.
Neither the 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 ARTEVO CORPORATION
For further information: For further information: Artevo Corporation, Christopher Talbot - President and CEO, Tel: (403) 244-8123, Cell: (403) 397-1744, firstname.lastname@example.org