CALGARY, Nov. 14, 2013 /CNW/ - Ivrnet Inc. (TSXV: IVI) ("Ivrnet" or the "Corporation") announces the completion of the Corporation's Non-brokered Private Placement declared on August 19th, 2013.
Permission to issue an additional 380,000 shares at $0.05 per share, for supplementary net proceeds of $19,000, was granted by the TSXV with their Final Acceptance issued November 13, 2013. This brings the total Share issuance and aggregate proceeds of the Offering to 6,380,000 and $319,000 respectively.
Proceeds of the Offering will be utilized for the complete development of the next generation of the Corporation's Membership Management & Payment Processing Software Platform.
"Our core software platform development is critical in enabling us to deliver our new and improved product suite faster, with less cost and to broader markets with deeper penetration rates," says Chris Topolniski, Ivrnet's Vice President of Finance & Administration. "Our Board of Directors, Senior Management Team and all Ivrnet employees have worked extremely hard over the past 18 months to yield the improved 2013 financial results that we are now enjoying as a company. We are delighted to see the market's positive response to our Offering."
Each Share of the Offering is subject to a 4 month hold period. Insider Placees composed 36% of the Offering. No finder's fees, broker's fees or commissions were paid in connection with the Offering.
Ivrnet is a software and communications company that develops, hosts, sells and supports value added business process improvement software applications, 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 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. Additional 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, Finance & Administration, Ivrnet
Direct: (403) 538-9722
E-mail: [email protected]