CALGARY, Aug. 14, 2017 /CNW/ - Clarocity Corporation (TSXV:CLY; OTCQB:CLRYF) (the "Company" or "Clarocity") today announced that it proposes to amend the terms of 52,757,045 warrants outstanding pursuant to two warrant indentures each dated December 11, 2014 to reduce the exercise price to $0.132, being the average closing price for the ten trading days immediately prior to this news release; reduce the exercise period to thirty (30) days from the date of approvals; add accelerated expiry if for any ten consecutive trading days the closing price exceeds 125% of the exercise price; add the right of warrantholders to put the warrants back to Clarocity in consideration of a payment $0.0125, payable in cash, or at the option of the Corporation, common shares of the Corporation; and provide for automatic exercise of the put immediately prior to expiry, without further action by warrantholders. Clarocity is calling meetings of warrantholders to be held September 12, 2017 to consider and approve the proposed amendments. Amendment of the warrant terms is subject to TSX Venture Exchange acceptance.
About Clarocity Corporation
Clarocity Corporation (formerly known as Zaio Corporation) provides real estate valuation technologies to deal with today's dynamic housing market through its proprietary valuation solutions. Every day GSE, banking, and investor clients rely on our proprietary solutions to fund loans and value assets. As a fully integrated technology and valuation services company, Clarocity provides unparalleled insight into their real estate business assets. 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 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 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]