CALGARY, March 14, 2016 /CNW/ - Ivrnet Inc. (TSXV: IVI) ("Ivrnet" or the "Corporation") has received Final Acceptance from the TSX Venture Exchange and announces the completion of the brokered private placement declared on February 29, 2016. $250,000.00 in 10% convertible debentures of the Corporation at a purchase price of $1,000.00 per Convertible Debenture will be issued to subscribes in order to affect the closing of this private placement (the "Offering"). The Convertible Debentures have a term of one year and will be convertible during that time into common shares of the Corporation at a conversion price of $0.08 per common share. The Corporation and the holders of the Convertible Debentures may mutually agree to extend the term of the Convertible Debentures by one year. During that second year, the Convertible Debentures will be convertible into common shares at a conversion price of $0.10 per common share. Any shares issued upon conversion are subject to a four month hold period from the date of conversion. Insider Placees did not compose any portion of the Offering.
Finder's fees, broker's fees and/or commissions will be paid in connection with the Offering. Fees payable to the Agent in connection with this Offering will be paid in common shares of the Corporation in an amount equivalent to 10% of the Offering value upon closing using the conversion price of $0.08 cents per Common Share equating to a maximum of 312,500 common shares of the Corporation.
Proceeds of the Offering will be utilized for general working capital.
Ivrnet is a software and communications company that develops, hosts, sells and supports value added business automation software. Our products and services are delivered through the traditional phone network and the Internet. These applications facilitate automated interaction through personalized communication between people; mass communication for disseminating information to thousands of people concurrently and personalized communication between people and automated systems. Ivrnet's applications are accessible through nearly any form of communication technology, at any time, from anywhere in North America via voice, phone, fax, email, texting and the Internet.
This press release may contain "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 - Chief Operating Officer, Ivrnet Inc., Direct: (403) 538-9722, Cellular: (403) 870-2434, E-mail: [email protected], www.ivrnet.com