CALGARY,
March 14, 2016 /CNW/ - Ivrnet Inc.
(TSXV: IVI) ("Ivrnet" or the "Corporation") has received Final
Acceptance from the TSX Venture Exchange and announces the
completion of the brokered private placement declared on
February 29, 2016. $250,000.00 in 10% convertible debentures of the
Corporation at a purchase price of $1,000.00 per Convertible Debenture will be
issued to subscribes in order to affect the closing of this private
placement (the "Offering"). The Convertible Debentures have a term
of one year and will be convertible during that time into common
shares of the Corporation at a conversion price of $0.08 per common share. The Corporation and the
holders of the Convertible Debentures may mutually agree to extend
the term of the Convertible Debentures by one year. During that
second year, the Convertible Debentures will be convertible into
common shares at a conversion price of $0.10 per common share. Any shares issued upon
conversion are subject to a four month hold period from the date of
conversion. Insider Placees did not compose any portion of the
Offering.
Finder's fees, broker's fees and/or commissions
will be paid in connection with the Offering. Fees payable to the
Agent in connection with this Offering will be paid in common
shares of the Corporation in an amount equivalent to 10% of the
Offering value upon closing using the conversion price of
$0.08 cents per Common Share equating
to a maximum of 312,500 common shares of the Corporation.
Proceeds of the Offering will be utilized for
general working capital.
About Ivrnet
Ivrnet is a software and communications company
that develops, hosts, sells and supports value added business
automation software. Our products and services are 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.
Forward-looking Information
This press release may contain "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.
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.
SOURCE IVRnet Inc.
