CALGARY, June 28, 2017 /CNW/ - Ivrnet Inc. (TSXV:
IVI) ("Ivrnet" or the "Corporation") is pleased to announce the
Final Acceptance of the renewal of a $250,000 CAD Convertible Debenture for a further
one year term, maturing March 15,
2018.
This renewal is a continuation of debt from the Final Acceptance
originally issued by the TSX Venture Exchange regarding the
completion of a brokered private placement (the "Offering")
declared on February 29, 2016. In
this Offering, $250,000.00 in 10%
convertible debentures of the Corporation, at a purchase price of
$1,000.00 per Convertible Debenture,
was issued to subscribers in order to affect the closing. The
Convertible Debenture had a term of one year, maturing March 15, 2017 and was convertible during that
time into common shares of the Corporation at a conversion price of
$0.08 per common share. The
Corporation and the holders of the Convertible Debenture had the
option to mutually agree to extend the term of the Convertible
Debenture by one year at an interest rate of 10%. During the second
year, the Convertible Debentures are convertible into common shares
at a conversion price of $0.10 per
common share. Any shares issued upon conversion are subject to a
four month hold period from the date of conversion. Insider Placees
did not compose any portion of the Offering.
No finder's fees, broker's fees and/or commissions were paid in
connection with the renewal of the Convertible Debenture.
Proceeds of the Offering were originally utilized for general
working capital.
About Ivrnet
Ivrnet is a software and communications company that develops,
hosts, sells and supports value added business automation software.
Our products and services are 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 any
resultant outcomes 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; 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.
www.ivrnet.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.