SEB Raises $2,143,800 of New Equity, 78% From Insiders
June 02 2014 - 1:43PM
Marketwired
SEB Raises $2,143,800 of New Equity, 78% From Insiders
TORONTO, ONTARIO--(Marketwired - Jun 2, 2014) - Smart Employee
Benefits Inc. ("SEB") (TSX-VENTURE:SEB) - SEB is pleased to
announce it has raised $2,143,800 of new equity over the past 4
months from the conversion of a Convertible Note issued on
acquisition and the exercise of warrants. Of this amount,
$1,673,750 or 78% was from insiders, including SEB's Chairman,
President/CEO, Independent Directors, Executive Management and
Employees. The details are as follows:
- Convertible Notes - $400,000 convertible @ $0.45 per SEB
share
- Converted by an executive officer
- Warrants Exercised by SEB's Chairman, President/CEO, Executive
Officers & Employees
- @ $0.30 - 1,890,000 warrants for proceeds of $567,000
- @ $0.45 - 325,000 warrants for proceeds of $146,250
- @ $0.50 - 1,121,000 warrants for proceeds of $560,500 Proceeds
from these warrants totaled $1,273,750
- Warrants Exercised by SEB's Underwriter
- @ $0.30 - 450,000 warrants for proceeds of $135,000
- @ $0.45 - 21,222 warrants for proceeds of $9,550. Proceeds from
these warrants totaled $144,550.
- Warrants Exercised by Arms-Length Investors
- @ $0.30 - 1,085,000 warrants for proceeds of $325,500.
The cash proceeds from the exercise of warrants totaled
$1,743,800. A Convertible Note of $400,000 issued to a majority
shareholder from an acquisition was converted @ $0.45 per
share.
ABOUT SEB: SEB is a technology company providing software,
solutions and services specializing in managing group benefit
solutions and healthcare claims processing environments for
corporate and government clients. This is a $60.0 plus billion
industry, of which over $37.0 billion relates to employee group
benefit plans and over $25.0 billion relates to other healthcare
benefit claims (e.g.: workers compensation claims, travel benefits,
various federal and provincial government programs, dental
associations, drug associations, etc.). In the employee group
benefits industry, SEB operates as a licensed third party
administrator ("TPA") and insurance broker utilizing its software
platform to provide "totally hosted PCI compliant supply chain
solutions" for managing the complete group benefits business
processes between insurers, clients, brokers, consultants,
technology service providers and healthcare service providers. In
healthcare claims processing, SEB also operates as a systems
integrator utilizing its technology platform together with other
technologies to provide customized solutions for highly specialized
environments (e.g.: travel claims, etc.). The technology and
expertise deployed in this healthcare area also allows SEB to
provide other related supply chain, systems integration and human
resource solutions and services to the same clients.
Forward-Looking Statements
This news release is intended for information purposes only.
Statements made in this news release may contain "forward looking"
information about the company's future business prospects. These
statements while expressed in good faith and believed to have a
reasonable basis - are subject to risk and uncertainties that could
cause actual results to differ materially from those set forth or
implied by such forward looking statements. Investors should
consult a professional advisor before making any investment
decision.
For further information about SEB, please visit
www.seb-inc.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.
Smart Employee Benefits Inc.John McKimmPresident/Chief Executive
Officer(416) 460-2817john.mckimm@seb-inc.comSmart Employee Benefits
Inc.Shelly FrankVice-President, Marketing(888) 939-8885 x
358shelly.frank@seb-inc.comFirst Canadian Capital Corp.Daniel
Boase416-742-5600 x 232 or
1-866-580-8891dboase@firstcanadiancapital.com
orinfo@firstcanadiancapital.comFirst Canadian Capital Corp.Eric
Balog416-742-5600 or
1-866-580-8891ebalog@firstcanadiancapital.com
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