/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
CALGARY, Nov. 22, 2013 /CNW/ - Zaio Corporation (CNSX: ZAO) (the "Company"), Zaio Corporation ("Zaio") announced today that The Board of Directors has approved the issue of 325,000 share options to a key consultant to the corporation at an exercise price of $0.18 per share. The options vest 1/3 at issuance, 1/3 at the first anniversary, and 1/3 at the second anniversary and have a term of five years.
The Company also announced today that it has extended the term of its previously utilized subordinated secured $1,000,000 bridge loan facility (the "Bridge Loan") to March 31, 2014. The Company will pay interest on the Bridge Loan at a rate of 1% per month payable at maturity. The Company will also pay a commitment fee to the lenders equal to 5% of the principal amount of the Bridge Loan. The Bridge Loan is secured against the all of the assets of the Company and subordinated to all senior indebtedness including the Company's convertible debenture as previously announced.
About Zaio Corporation
Zaio provides customers in the property valuation, underwriting and lending industries with real-time access to certified appraisal reports from the company's patented database of proactively maintained residential property valuations prepared by licensed appraisers across the United States. Visit the company online at zaio.com.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any 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.
This press release contains forward looking statements. 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 Neither TSXV nor their Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Zaio Corporation
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Virtus Advisory Group Inc.