CALGARY, Feb. 1, 2018 /CNW/ - Clarocity Corporation (TSXV:CLY; OTCQB:CLRYF) (the "Company" or "Clarocity") today announced that it will issue 1,325,585 common shares to debentureholders in lieu of cash as consideration for interest payments due January 31, 2018, for the aggregate amount of $114,000.
Under the terms of the Company's indentures dated May 8, 2017, debentureholders may elect to receive settlement of monthly interest payments in the equivalent of common shares of the Company converted at the greater of the market price prescribed under the policies of the TSX Venture Exchange or the volume average trading price for the 5 trading days prior to the interest payment date. The conversion rate applicable to the December 31, 2017 interest rate payment is $0.086 per common share. Following the issuance, the Company will have 256,849,807 issued and outstanding shares.
The issuance of the common shares remains subject to approval by the TSX Venture Exchange.
About Clarocity Corporation
Clarocity Corporation provides real estate valuation solutions and platform technologies designed to address today's dynamic housing market. Our innovative platform is driving the next-generation of valuation solutions such as MarketValue Pro (MVP) and BPOMerge and setting new standards in real estate valuation quality and reliability.
Every day GSE, banking, and investor clients rely on our proprietary solutions to value assets, fund loans, and securitize portfolios. As a fully integrated technology and valuation services company, Clarocity provides a full spectrum of appraisal and alternative valuation solutions. For more information, visit www.clarocity.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 any 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)
SOURCE Clarocity Corporation
For further information: visit www.clarocity.com or contact: Shane Copeland, CEO, Clarocity Corporation, 760-208-6460, [email protected]; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, [email protected]