iSIGN Media Announces the Close of its Previously Announced $500,000 Convertible Promissory Notes
iSIGN Media Announces the Close of its Previously Announced $500,000 Convertible Promissory Notes |
[24-September-2018] |
TORONTO, Sept. 24, 2018 /PRNewswire/ - iSIGN Media Solutions Inc. ("iSIGN" or "Company") (TSX-V: ISD) (OTC: ISDSF), a leading provider of interactive mobile proximity marketing and public security alert solutions today announced that it has received final approval from the necessary regulatory agency to close the previously announced secured convertible promissory notes (the "Notes") for aggregate gross proceeds of $500,000. The Note will have a term of twelve months and will accrue interest at a rate of 10% per annum, payable upon maturity. The proceeds from the sale of the Notes will be used for general working capital. The principal amount can, at the option of each individual Note holder, be converted into units of the Company (the "Units") at a price equal to $0.08 per Unit. Each Unit shall be comprised of one common share of the Company (a "Unit Share") and one common share purchase warrant (a "Warrant"). Each Warrant shall be exercisable to acquire one common share of the Company (a "Warrant Share") for a period of two years following the date of issuance of the Warrant at an exercise price of $0.12 per Warrant Share. The Unit Shares and Warrants (and, if applicable, the Warrant Shares) will be subject to a minimum hold period of 4 months from the date of issue of the Notes. The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from those registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. About iSIGN Media Forward-Looking Statements © 2018 iSIGN Media Solutions Inc. All Rights Reserved. All other trademarks and trade names are the property of their respective owners. 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 accuracy of this release. View original content:http://www.prnewswire.com/news-releases/isign-media-announces-the-close-of-its-previously-announced-500-000-convertible-promissory-notes-300717863.html SOURCE iSIGN Media Solutions Inc. | ||
Company Codes: TorontoVE:ISD, OTC-PINK:ISDSF |
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