CALGARY, May 16, 2018 /CNW/ - Clarocity Corporation (TSXV:CLY; OTCQB:CLRYF) (the "Company" or "Clarocity") today announced that it will issue 1,900,000 common shares to debentureholders in lieu of cash as consideration for interest payments due April 30, 2018, for the aggregate amount of $114,000.
Under the terms of the Company's indenture dated May 8, 2017 (as supplemented August 8, 2017, April 27, 2018 and April 30, 2018) and the Company's debenture dated November 17, 2017 (as supplemented on April 30, 2018), 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 April 30, 2018 interest rate payments are $0.06 per common share. Following the issuance, the Company will have 270,798,599 issued and outstanding shares.
The issuance of the common shares in lieu of interest 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 contains forward-looking statements which may include financial and business prospects, as well as statements regarding the Company's future plans, objectives or economic performance and financial outlooks. Such statements are subject to risk factors associated with the real estate industry, the overall economy in both Canada and the United States. Forward-looking information in this press release, includes, among other things, information relating to any applicable approvals required in order to complete the shares for interest payment which may include, but is not limited to, the approval of the TSX Venture Exchange. 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.
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, firstname.lastname@example.org; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, email@example.com