TORONTO, May 7, 2014 /CNW Telbec/ - Mitec Technologies
Inc. ("Mitec", NEX: MTM.h) announces further to its press
release of April 10, 2014, it has
received final approval from the TSX Venture Exchange and completed
a non-brokered private placement with its Chairman, Mr.
Abe Schwartz.
The secured convertible debenture ("Debenture") in the amount of
$390,875 will bear interest at a rate
of 12% per annum, maturing on May
6, 2019.
The principal of the debenture is convertible, in whole or in
part, during the term of the Debenture, at the option of Mr.
Schwartz, into a maximum of 1,475,000 common shares at a deemed
price of $0.265 per common
share. Mr. Schwartz will also receive 1,475,000 common share
warrants exercisable at $0.265 per
common share until May 6, 2015.
Securities will be subject to a standard four-month hold period on
resale.
This news release contains forward-looking statements which
reflect Mitec's current expectations regarding future events. The
forward-looking statements are often, but not always, identified by
the use of words such as "seek", "anticipate", "plan, "estimate",
"expect", "intend" and statements that an event or result "may",
"will", "should", "could" or "might" occur or be achieved and other
similar expressions. These forward-looking statements involve risk
and uncertainties, including the difficulty in predicting product
approvals, acceptance of and demands for new products, the impact
of the products and pricing strategies of competitors, delays in
developing and launching new products, the regulatory environment,
fluctuations in operating results and other risks, any of which
could cause results, performance, or achievements to differ
materially from the results discussed or implied in the
forward-looking statements. Many risks are inherent in the
industry; others are more specific to Mitec. Investors should
consult Mitec's ongoing quarterly filings for additional
information on risks and uncertainties relating to these
forward-looking statements. Investors should not place undue
reliance on any forward-looking statements. Mitec assumes no
obligation to update or alter any forward-looking statements
whether as a result of new information, further events or
otherwise.
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.
SOURCE Mitec Technologies Inc.