CALGARY, Oct. 31, 2012 /CNW/ - "Ivrnet Inc. ("Ivrnet") is pleased to announce the private placement of units consisting of up to a $1,000,000 aggregate principal amount of convertible debentures, together with corollary share purchase warrants" says Chris Topolniski, Ivrnet's Vice President of Corporate Finance.
On October 24th, 2012, the TSX Venture Exchange conditionally approved Ivrnet's proposed non-brokered private placement (the "Private Placement") of a minimum of 500,000 and a maximum of 1,000,000 units (the "Units") for minimum gross proceeds of $500,000 and maximum gross proceeds of $1,000,000. Each Unit consists of: (a) $1.00 principal amount of 7.5% convertible unsecured subordinated debentures of Ivrnet maturing on October 26, 2013 (the "Debentures") and 10 share purchase warrants of Ivrnet (the "Warrants"). Each $1.00 principal amount of Debentures is convertible into 10 common shares of Ivrnet on or prior to October 26, 2013 at a deemed conversion price of $0.10 per common share (subject to the terms of the Debentures). Each Warrant is exercisable into one common share of the Company on or prior to October 26, 2014 at an exercise price of $0.10 per Warrant (subject to the terms of the Warrants).
The TSX Venture Exchange also conditionally approved the payment of a 10% cash finder's fee in connection with the Private Placement, subject to review of the final subscribers list.
Ivrnet (TSX-V: IVI) is a Software as a Service (SaaS) company that develops, hosts, operates and manages intelligent software applications; delivered through their own secure data centre via the internet & traditional cellular/land-line telephone networks. Ivrnet's proprietary software applications are used by many key Canadian & US businesses and personal end-users. Ivrnet's applications help their clients to decrease operational costs, generate increased revenues and improve cash-flow.
Ivrnet's innovative softwares are target market driven & provide real world solutions. Some of their key products include SafeTeam, a "Work-Alone" Software Solution for worker safety & protection; Community Central, a comprehensive Facilities, Program & Payment Processing System; WebMaster, a complete Website Design & Hosting Service; TIPS, PCI Compliance driven Telephony & Web-based Secure Credit Card Processing Services; ItSportsNet, Industry Standard web-based Sports Organization Management & Payment Processing Software; AdCentral, client controlled & targeted Text-Based (SMS) Advertising & E-coupon Service; SMS+, a text-message based (SMS) Information Distribution Software Application; TableNoc, an industry leading Multi-Touch Display Technology; ARC, proprietary IVR-based Telephony Applications; DRP, custom designed Disaster Recovery Protocol Software & Hardware Solutions.
Ivrnet's applications are 24/7/365 accessible, from anywhere in North America, through almost any form of communications technology - IVR/voice, telephone, fax, email, SMS/text and the World Wide Web.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "expect", "may", "will", "project", "should" or similar words suggesting future outcomes. In particular, this press release contains forward-looking information relating to the closing of the Private Placement. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the closing of the Private Placement not to occur or the closing date to be materially different from that expressed or implied herein, including but not limited to: risks related to capital markets, general economic conditions, legislative and regulatory developments, and the regulatory approval process for the Private Placement, as well as those factors discussed in Ivrnet's documents filed on SEDAR (www.sedar.com).
Although Ivrnet has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated. Accordingly, readers should not place undue reliance on forward-looking statements. Ivrnet does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws. Further information on Ivrnet is available at www.sedar.com.
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: IVRnet Inc.
For further information:
Chris L. Topolniski - Vice President, Corporate Finance, Ivrnet
Direct: (403) 538-9722
E-mail: [email protected]