CALGARY, Feb. 1, 2016
/CNW/ - Ivrnet Inc. (TSXV: IVI) ("Ivrnet" or the
"Corporation") announces the following amendment of the
Corporation's Non-brokered Private Placement declared on
April 27th, 2015.
Total Unit issuance and aggregate proceeds of the Offering have
been adjusted to 11,120,000 and $556,000 respectively. Each unit is 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 26.98% of the Offering. No finder's
fees, broker's fees or commissions were paid in connection with the
Offering.
As per requirements of TSX Venture Exchange Policy 4.3, the
Corporation also wishes to announce the issuance of securities in
exchange for debt.
Ivrnet has received permission from the TSXV to issue 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
total Canadian dollar value of debt converted to Units and Common
shares is $71,700 and $30,000 respectively. Each Unit will be 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.
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, and regulatory approval processes, 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. Additional 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.