The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced Jan. 22, 2015.
Convertible debenture: $7.15-million (U.S.)
Conversion price: Convertible into units (each comprising one common share and one share purchase warrant) at 80 cents of principal outstanding per share until maturity) (Upon occurrence of certain events, the conversion price may revert to 45 cents per unit until maturity.)
Maturity date: One year from issuance
Interest rate: 12 per cent
Warrants: 10,725,000 share purchase warrants attached to purchase 10,725,000 shares (or up to 19,066,666 share purchase warrants should the above event occur and the conversion price reverts to 45 cents per unit)
Warrant exercise price: 80 cents for a five-year period
(45 cents for a five-year period should the above event occur)
Number of placees: Two placees
Insiders: CDC Group PLC, $7,078,500 (U.S.);
Ravi Sood, $71,500 (U.S.)
Please refer to the company's news release dated Jan. 22, 2015, for further information regarding the above-noted event.
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