VRX Worldwide Closes Second Tranche of Convertible Debenture Offering
15 Setembro 2011 - 6:00PM
Marketwired
VRX Worldwide Inc. (TSX VENTURE: VRW) ("VRX Worldwide") is pleased
to announce that, further to its press release of August 15, 2011,
VRX Worldwide has now closed the second tranche of its non-brokered
private placement of 12% Convertible Debentures ("Debentures") in
the aggregate principal amount of $75,000. The Debentures will be
due and payable on September 14, 2014.
The principal amount of the Debentures is convertible into
common shares of VRX Worldwide at a price equal to the greater of
$0.15 per share and the amount which is calculated by taking a 25%
discount to market price at the time of conversion, provided that
at no time shall such price exceed $0.55 per share. The Debentures
will bear interest at 12% per annum, calculated and paid quarterly.
VRX Worldwide may redeem all or a part of any outstanding
Debentures prior to the maturity date by paying a premium of (i) 5%
during the first year, (ii) 3% during the second year, and (iii) 2%
during the third year.
All common shares of VRX Worldwide issuable on the conversion of
the Debentures have a hold period expiring January 14, 2011. VRX
Worldwide will use the net proceeds of the debentures to finance
sales, marketing, support and development activities related to
MediaValet and for general working capital requirements.
ABOUT VRX WORLDWIDE
Through a decade of growth, innovation and an unwavering
commitment to quality, consistency and customer service, VRX
Worldwide is one of the world's leading providers of content
production, distribution and licensing services, and is pioneering
the global, Cloud-based, digital asset management industry.
To find out more about VRX Worldwide, visit
www.vrxworldwide.com, www.vrxstudios.com and www.mediavalet.co. VRX
Studios Inc. is a wholly owned subsidiary of VRX Worldwide Inc.
VRX Worldwide Inc.
David MacLaren, CEO
The securities of VRX Worldwide Inc. have not been registered
under the United States Securities Act of 1933, as amended, and may
not be offered or sold within the United States or to the account
or benefit of any U.S. person.
Forward-Looking Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address events or
developments that VRX Worldwide Inc. (the "Company") expects to
occur, are forward-looking statements. Forward-looking statements
are statements that are not historical facts and are generally, but
not always, identified by the words "expects", "plans",
"anticipates", "believes", "intends", "estimates", "projects",
"potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. Although the
Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results may differ
materially from those in the forward-looking statements. Factors
that could cause the actual results to differ materially from those
in forward-looking statements include regulatory actions, market
prices, exploitation and exploration successes, and continued
availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. Forward-looking statements are
based on the beliefs, estimates and opinions of the Company's
management on the date the statements are made. Except as required
by applicable securities laws, the Company undertakes no obligation
to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors,
should change.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of TSX Venture
Exchange) accepts responsibility for the adequacy of accuracy of
this release.
Contacts: VRX Worldwide Inc. Investor & Public Relations
Toll Free: 1-888-605-0059 604-605-0051 (FAX) info@vrxworldwide.com
www.vrxworldwide.com
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