VANCOUVER, March 28 /CNW/ - OneMove Technologies Inc. ("OneMove" or the
"Company") (TSX.V: OM) is pleased to announce that it has arranged for bridge
financings totaling $1,640,000 from various sources. The Company intends to
repay the bridge financings from the proceeds of the Company's previously
announced brokered private placement with Sprott Securities Inc. (the "Private
Of the bridge financings, $500,000 is being provided by GC-Global Capital
Corp. and will bear interest at 12% per year, calculated and payable monthly.
The GC-Global Capital Corp. bridge loan is secured by a first ranking general
security agreement over all present and future movable property of the Company
and OneMove Online Systems Inc. (the Company's wholly-owned subsidiary), a
share pledge of 100% of the shares of OneMove Online Systems Inc., and a
personal guarantee from Mr. Martin Johnson, the Company's President and CEO.
The loan is repayable at the earlier of six months from the closing date of
the bridge financing, and the closing of the Private Placement. In
consideration for providing the guarantee, the Company has agreed to issue
Mr. Johnson 125,000 common shares at a deemed price of $0.40 per share. The
Company has also agreed to engage GC-Global Capital Corp. for one month to
provide financial advisory services in consideration for 125,000 common shares
of the Company.
The remaining $1,140,000 bridge loans bear interest at 1% per month,
calculated monthly and repayable on the maturity of the loans. These loans
mature May 30, 2007, except $140,000, which matures on April 30, 2007. In
consideration for providing the bridge loans, the Company has agreed to issue
the lenders a total of 1,140,000 share purchase warrants upon repayment of the
bridge loans. The warrants will be exercisable for two years from the date of
issuance at $0.40 per share.
All of the lenders are at arm's length to the Company. The Company
intends to use the proceeds from the bridge financing for build-out and rent
deposit on a location in the United Kingdom for the Company's subsidiary and
general working capital.
The bridge financings and financial advisory services contract are
subject to the acceptance of the TSX Venture Exchange.
About OneMove www.onemovetech.com
OneMove is a one-stop shop designed to simplify moving, from a paperwork
and legal red tape standpoint. It currently operates in the British Columbia
and U.K. markets. OneMove facilitates efficient communication between parties
such as lawyers, conveyancers, realtors and buyers and sellers. OneMove's U.K.
operation also offers a one-stop online shop for home buyers to access real
estate listings, its unique insurance product, and its association of realtors
and solicitors (www.onemove.com).
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Investor Relations: Grant Howard, David Gordon,
The Howard Group Inc., Toll Free: 1-888-221-0915, Info@howardgroupinc.com,