An anonymous director reports
ISIGN MEDIA ANNOUNCES THEIR INTENTION TO COMPLETE A CONVERTIBLE DEBENTURE FOR $425,000
iSign Media Solutions Inc. has arranged a financing by way of secured convertible promissory notes for aggregate gross proceeds of up to $425,000 with several investors.
The notes will have a term of one year and will accrue interest at a rate of 10 per cent per year, payable upon maturity.
The principal amount can, at the option of each individual noteholder, be converted into units of the company at a price equal to eight cents per unit. Each unit shall comprise 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 12 cents per warrant share. The unit shares and warrants (and, if applicable, the warrant shares) will be subject to a minimum hold period of four months from the date of issue of the notes.
The company anticipates closing the notes as soon as practicable, subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The proceeds from the notes will be used for general working capital.
iSign Media Solutions is pleased to announce that the security alert messaging (SAM) pilot project that its Chilean reseller, Smart Sign, had undertaken with a major mining company in Chile has been successfully closed. The next steps to be taken are being discussed between all parties, iSign Media Solutions, Smart Sign and the mining company.
This pilot project was designed to allow the mining company to familiarize itself with the operation and management of the SAM technology and back-end reporting system, and involved a selected number of employees and management at the mining operation's headquarters.
The mining company is looking for a system that allows them to communicate directly and easily with its employees, both on and off site, for both safety measures as well as for normal communications, including directing staff to their specific work areas prior to their arrival at the mine and to remind them to bring the required safety and other certifications that are specific to the areas where they will be working that day.
Both iSign Media Solutions and Smart Sign anticipate that the successful completion of this pilot will aid with the discussions currently under way with other mining companies in Chile, as well as with other companies in this channel.
About iSign Media Solutions Inc.
iSign Media Solutions, a Canadian company based in Toronto, Ont., 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.
We seek Safe Harbor.
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