CALGARY, March 9, 2018 /CNW/ - Clarocity Corporation
(TSXV:CLY; OTCQB:CLRYF) (the "Company" or
"Clarocity") today announced that it will issue 5,454,156
common shares to debentureholders in lieu of cash as consideration
for interest payments due February 28,
2018, for the aggregate amount of $419,970.
Under the terms of the Company's indentures dated May 8, 2017 and January
25, 2016, debentureholders may elect to receive settlement
of monthly interest payments in the equivalent of common shares of
the Company converted at the greater of the market price prescribed
under the policies of the TSX Venture Exchange or the volume
average trading price for the 5 trading days prior to the interest
payment date. The conversion rate applicable to the February 28th, 2018 interest rate
payments are $0.077 and $0.068 per common share. Following the issuance,
the Company will have 262,303,963 issued and outstanding
shares.
The issuance of the common shares in lieu of interest remains
subject to approval by the TSX Venture Exchange.
The Company also announced today that it has issued 6,594,636
common shares on a shares-for-debt basis to former warrantholders
to satisfy $659,463 owed to such
former warrantholders arising from the automatic exercise of put
rights under their expired warrants. The conversion price per share
for the payment was $0.10 per common
share and the shares are subject to a four-month hold period from
the date of issuance. The share certificates representing the
payment will be issued and delivered to the former warrantholders
directly.
About Clarocity Corporation
Clarocity Corporation provides real estate valuation solutions
and platform technologies designed to address today's dynamic
housing market. Our innovative platform is driving the
next-generation of valuation solutions such as MarketValue Pro
(MVP) and BPOMerge and setting new standards in real estate
valuation quality and reliability.
Every day GSE, banking, and investor clients rely on our
proprietary solutions to value assets, fund loans, and securitize
portfolios. As a fully integrated technology and valuation services
company, Clarocity provides a full spectrum of appraisal and
alternative valuation solutions. For more information, visit
www.clarocity.com.
Neither 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.
Forward-Looking Information
This news release contains forward-looking statements which may
include financial and business prospects, as well as statements
regarding the Company's future plans, objectives or economic
performance and financial outlooks. Such statements are subject to
risk factors associated with the real estate industry, the overall
economy in both Canada and
the United States. Forward-looking
information in this press release, includes, among other things,
information relating to any applicable approvals required in order
to complete the shares for interest payment which may include, but
is not limited to, the approval of the TSX Venture Exchange. The
Company believes that the expectations reflected in this news
release are reasonable but actual results may be affected by a
variety of variables and may be materially different from the
results or events predicted in the forward-looking statements.
Readers are therefore cautioned not to place undue reliance on
these forward-looking statements. In evaluating forward-looking
statements readers should consider the risk factors which could
cause actual results or events to differ materially from those
indicated by such forward-looking statements. These forward-looking
statements are made as of the date hereof, and unless otherwise
required by applicable securities laws, the Company does not intend
nor does it undertake any obligation to update or revise any
forward-looking statements.
This news release does not constitute an offer to sell or
a solicitation of an offer to buy any of the securities in
the United States. The securities
of the Company will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act, and
may not be offered or sold within the
United States or to, or for the account or benefit of U.S.
persons except in certain transactions exempt from the registration
requirements of the U.S. Securities Act)
SOURCE Clarocity Corporation