CALGARY, March 23, 2016
/CNW/ - Ivrnet Inc. (TSXV: IVI) ("Ivrnet" or the "Corporation")
Further to the Corporation's amendment announcement concerning the
above noted Shares for Debt Issuance on February 1st, 2016 and as per
requirements of TSX Venture Exchange Policy 4.3, Ivrnet is pleased
to announce the following.
Through the issuance of 1,434,000 Units of the Corporation at a
price of $0.05 cents per unit and
600,000 Common Shares of the Corporation at a price of $0.05 per share, the Corporation's debt
associated with same has been extinguished. The total Canadian
dollar value of debt converted to Units and Common shares was
$71,700 and $30,000 respectively. Each Unit was composed of
one common share of the Corporation and one full share purchase
warrant. Each Warrant entitles the holder to purchase one
additional Common Share (i) at a price of $0.07, if the Warrant is exercised in the first
year following its issuance, (ii) at a price of $0.09, if the Warrant is exercised in the second
year following its issuance, or (iii) at a price of $0.12, if the Warrant is exercised in the third
year following its issuance. Shares, warrants and any shares issued
upon exercise of the warrants are subject to a 4 month hold period
from the date of closing or date of exercise of the warrants.
Insider Placees composed 29.50% of the Shares for Debt issuance.
This securities issuance has not created a new Control Person of
the Corporation/Issuer.
About Ivrnet
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.
Forward-looking Information
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. This forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause
materially different outcomes from that expressed or implied
herein; including but not limited to: risks related to capital
markets, general economic conditions, legislative and regulatory
developments, regulatory approval processes and also 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.