OTTAWA, Nov. 28, 2014 /CNW/ - Magor Corporation ("Magor"
or the "Company") (TSX-V: MCC), a technology leader in visual
collaboration solutions, is providing an update on its previously
announced private placement of debentures (the "Financing"). The
Company announced on September 5,
2014 that it intended to complete a non-brokered private
placement of subordinated secured debentures in the aggregate
maximum gross proceeds of up to $3,000,000 (the "Offering") in units (the
"Units"). Furthermore, in the press release of October 2, 2014, the Company announced that it
closed the first tranche of this Financing in the amount of
$1,525,000. On October 22, 2014, the Company announced that the
Financing was ongoing with the closing of the second tranche
expected to occur within the third week of November 2014. Further to these press releases,
the Financing is ongoing with the second tranche expected to close
by mid-December 2014.
Each Unit consists of a $1,000 par
value senior secured debenture (the "Debentures") and 500 common
share purchase warrants (each a "Warrant"). The Debentures shall
mature three (3) years from the date of issuance, unless redeemed
at 102.0%, at the option of the Company or unless converted into
common shares of Magor at the conversion rate of $0.30 per common share. The Warrants are
exercisable at a price of $0.44 for a
period of three (3) years. The Debentures shall bear interest at an
annual rate of 12% of par value, payable every six (6) months in
arrears in cash.
All securities issued pursuant to the Offering (and any
underlying securities) will be subject to a statutory four (4)
month hold period, commencing as at the closing date of the
Offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States, or for an account or
benefit of U.S. persons (as such term is defined in Regulation S
under the United States Securities Act of 1933, as amended).
About Magor Corporation:
Magor develops and markets
visual collaboration software for a world that increasingly rewards
those who can bring together the right people and information at
the right time. Magor's Aerus service delivery platform removes the
limitations of traditional video conferencing and collaboration
tools to provide entirely new ways of interacting with video with
the goal of creating new ways to be productive. To find out more
about Magor Corporation (TSX-V: MCC), visit our website at
http://www.magorcorp.com.
Disclaimer in regards to Forward-looking
Statements
Certain statements included herein constitute "forward-looking
statements" within the meaning of applicable securities laws.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
management at this time, are inherently subject to significant
business, economic and competitive uncertainties and contingencies.
Investors are cautioned not to put undue reliance on forward
looking statements. Except as required by law, Magor does not
intend, and undertakes no obligation, to update any forward-looking
statements to reflect, in particular, new information or future
events.
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.
SOURCE Magor Corporation
