iSIGN Media Closes its Previously Announced $30,000 Convertible Debenture
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TORONTO--(BUSINESS WIRE)--
iSIGN Media Solutions Inc. (“iSIGN” or “Company”) (TSX-V: ISD) (OTC: ISDSF), a leading provider of interactive mobile proximity marketing and public security alert solutions today announced that it has closed the previously announced convertible note (the “Note”) of $30,000.
The pricing for this Note was based on various projects that the Company is presently undertaking and reflects the expectations of both the Company and the Note Holder that the Company is moving towards revenue recognition resulting from iSIGN’s projects.
The Note has a one-year term and an interest rate of 12% per annum, payable upon maturity.
The Note Holder has the option, to convert the Note into units (the “Units”) at a price equal to $0.05 per Unit. Each Unit shall be comprised of one common share of the Company and one common share purchase warrant. Each Warrant shall be exercisable to acquire one common share of the Company for a period of two years following the date of issuance of the Warrant at an exercise price of $0.075. All shares are subject to a minimum hold period of 4 months from the date of issuance of the Note.
The closing of the Note is subject to receipt of receiving final approval of the TSX Venture Exchange. The proceeds from the Placement will be used for hardware purchases and general working capital.
The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from those registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About iSIGN Media
iSIGN, a Canadian company based in Toronto (Richmond Hill), Ontario is a data-focused, software-as-a-service (SaaS) company that is a pioneering leader in the areas of location-based security alert messaging and proximity marketing utilizing Bluetooth® and Wi-Fi connectivity in complete privacy. Creators of the Smart suite of products, a patented interactive proximity marketing technology, iSIGN enables the delivery of messages to mobile devices in proximity, with real-time reporting and analytics on a variety of metrics. Partners include IBM, Keyser Retail Solutions, Baylor University, Verizon Wireless, and Mtrex Network Solutions. www.isignmedia.com
Forward-Looking Statements
This news release may include certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with iSIGN Media’s business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect iSIGN Media’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. iSIGN Media assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
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 or accuracy of this release.
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