An anonymous director reports
ISIGN MEDIA AMENDS THE VALUE OF THEIR INTENDED CONVERTIBLE DEBENTURE TO $500,000 FROM $425,000
iSign Media Solutions Inc. has increased its planned financing by way of secured convertible promissory notes to $500,000, an increase of $75,000 from yesterday's announcement.
Additional investors contacted the company yesterday evening after its news release of the successful pilot with the Chilean mining company was published.
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.
The company would also like to announce the receipt of $425,000 from the original participants of this financing.
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.
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