Extenway Announces Private Placement Financing and a Commitment in the Amount of $1.494M from a Major Institutional Fund Manager
22 July 2011 - 6:22AM
PR Newswire (Canada)
MONTREAL, July 21, 2011 /CNW/ -- MONTREAL, July 21, 2011 /CNW
Telbec/ - Extenway Solutions Inc. ("Extenway") (TSXV: EY) is
pleased to announce that, subject to TSX Venture Exchange approval,
it has agreed to undertake a prospectus-exempted private placement
of a minimum number of 14,705,883 common shares of Extenway (each a
"Common Share") at $0.17 per Common Share for minimum gross
proceeds of $2,500,000 (the "Offering"). The Offering is expected
to close on or before September 19, 2011 (the "Closing Date").
Extenway is further pleased to announce that it has received a
signed subscription agreement from a major institutional fund
manager pursuant to which it is committed to invest $1,494,000 in
the Offering, subject to the terms and conditions set out herein.
In the event that Extenway (or any of its subsidiaries) has not
entered into signed agreements on or before the first anniversary
of the Closing Date contemplating the commercialization of its
interactive media solution with hospitals (or other social services
institutions) with respect to no less than 2,000 beds (in the
aggregate), investors in the Offering will be entitled to receive,
for no additional consideration, 0.307692308 additional Common
Share for each Common Share originally subscribed for pursuant to
the Offering, rounded up to the nearest whole number. The proceeds
of the Offering will be used to pay transaction fees and for
working capital purposes. IBS Capital, s.e.n.c., a Montreal-based
Exempt Market Dealer, is acting as agent for the Offering. The
private placement is subject to the minimum subscription price
being received and to compliance with applicable securities
legislation and to the approval of the TSX Venture Exchange. All
Common Shares issued to purchasers under the Offering will be
subject to a four-month and one (1) day hold period from the
Closing Date, pursuant to securities legislation and the policies
of the TSX Venture Exchange. The Common Shares offered have not
been nor will they be registered under the United States Securities
Act of 1933, as amended, or state securities laws, and may not be
offered or sold in the United States or to an account for the
benefit of US persons, absent such registration or an exemption
from registration. About Extenway Solutions Inc. Extenway Solutions
Inc. (TSX Venture Exchange: EY) (www.extenway.com) provides IT,
communications, entertainment and education solutions to the
healthcare sector. Extenway terminals offer a wide range of
integrated content and services, including television, Internet,
Microsoft Office, and video conferencing. The terminals also offer
the possibility of managing patient appointments and regulating a
patient's bedroom environment. Extenway allows healthcare
organizations to optimize the way they manage and coordinate
interactions between patients, medical staff and those working in
administration. The company is based in Baie D'Urfé in the Montreal
region of Canada. For more information, visit
www.extenway.com. Disclaimer - Safe Harbour Forward-Looking
Statements Certain statements contained in this press release
constitute forward-looking statements. These forward-looking
statements relate to the future financial conditions, results of
operations or business of Extenway. These statements may be current
expectations and estimates about the markets in which Extenway
operates and management's beliefs and assumptions regarding these
markets. These statements are subject to important risks and
uncertainties which are difficult to predict and assumptions which
may prove to be inaccurate. The results or events predicted in
forward-looking statements may differ materially from actual
results or events. Extenway disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise. In
particular, forward-looking statements do not reflect the potential
impact of any merger, acquisitions or other business combinations
or divestitures that may be announced or completed after such
statements are made. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release. To view this news release in
HTML formatting, please use the following URL:
http://www.cnw.ca/en/releases/archive/July2011/21/c6874.html p
Alexandra Gravelinebr/ Zone franchebr/ 514 371-5715, poste 203br/ a
href="mailto:agraveline@zonefranche.ca"
cr="true"agraveline@zonefranche.ca/a /p
Copyright
Extenway Solutions Inc. (TSXV:EY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Extenway Solutions Inc. (TSXV:EY)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about (TSX Venture Exchange): 0 recent articles
More Extenway Solutions Inc. News Articles