Ivrnet Announces Private Placement of Convertible Debentures with
Share Purchase Warrants
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.
About Ivrnet
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.
Forward-looking Information
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.