Ivrnet Announces Warrant Addition to Private Placement
Calgary, Alberta, (April 21, 2014) - Ivrnet Inc. (TSXV: IVI) ("Ivrnet" or the “Corporation”) announces the addition of share purchase warrants to the non-brokered Private Placement disclosed April 8, 2014.
Up to 8,000,000 units will be issued at a price of $0.05 per unit (the “Units”) for total proceeds of up to $400,000 (the “Offering”). Each Unit will be composed of one common share of the Corporation and one full share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the Corporation at the price of $0.07 per share for one year from the date of closing; $0.09 per share from one year, one day from the date of closing up until two years from the date of closing and $0.12 per share from two years one day from the date of closing up until 3 years from the date of closing.
Shares, warrants and any shares issued upon exercise of the warrants are subject to a 4 month hold period from the date of closing or date of exercise of the warrants. The anticipated date of closing is on or before May 16, 2014. Insider Placees are expected to compose greater than 25% of the Offering. No finder’s fees, broker’s fees or commissions are anticipated to be paid in connection with the Offering.
Proceeds of the Offering will be utilized to expand the Corporation’s product development and sales plans as well as general working capital.
Ivrnet is a software and communications company that develops, hosts, sells and supports value added business process improvement software applications, delivered through the traditional phone network and the Internet. These applications facilitate automated interaction through personalized communication between people; mass communication for disseminating information to thousands of people concurrently and personalized communication between people and automated systems. Ivrnet's applications are accessible through nearly any form of communication technology, at any time, from anywhere in North America via voice, phone, fax, email, texting and the Internet.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "expect", "may", "will", "project", "should" or similar words suggesting future outcomes. In particular, this press release contains forward-looking information relating to the closing of the Private Placement. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the closing of the Private Placement not to occur or the closing date to be materially different from that expressed or implied herein, including but not limited to: risks related to capital markets, general economic conditions, legislative and regulatory developments, and the regulatory approval process for the Private Placement, as well as those factors discussed in Ivrnet's documents filed on SEDAR (www.sedar.com).
Although Ivrnet has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated. Accordingly, readers should not place undue reliance on forward-looking statements. Ivrnet does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws. Further information on Ivrnet is available at www.sedar.com.
For further information please contact:
Chris L. Topolniski - Vice President, Finance & Administration, Ivrnet
Direct: (403) 538-9722
Cellular: (403) 870-2434
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.