Monexa engages M Partners Inc. and Versant Partners Inc. to carry out $3,000,000 financing
06 July 2011 - 3:28AM
PR Newswire (Canada)
VANCOUVER, July 5, 2011 /CNW/ -- VANCOUVER, July 5, 2011 /CNW/ -
Monexa Technologies Corp. (TSX Venture: MXA) ("Monexa" or the
"Company") is pleased to announce that it has entered into an
agreement with M Partners Inc. and Versant Partners Inc. (together,
the "Agents") to act as agents, on a best efforts basis, for a
brokered private placement (the "Offering") of up to 23,076,923
units (the "Units") at $0.13 per Unit for aggregate gross proceeds
to the Company of up to $3,000,000. Each Unit will consist of one
common share of the Company (a "Common Share") and one-half of one
common share purchase warrant (each whole warrant, a
"Warrant"). Each Warrant will entitle the holder thereof to
acquire one Common Share of the Company at an exercise price of
$0.20 per Common Share for a period of 12 months from the closing
date. The net proceeds from the Offering will be used by the
Company for working capital and general corporate purposes. In
connection with the Offering, a cash commission of 7% of the
aggregate gross proceeds arising therefrom will be paid to the
Agents. In addition, upon closing of the Offering, the Agents
will receive such number of non-transferable warrants (the
"Compensation Warrants"), equal to 7% of the total number of Units
issued in connection with the Offering. Each Compensation
Warrant will be exercisable at a price of $0.13 for a period of 24
months from the closing date to acquire one Common Share of the
Company. The Offering is subject to the approval of the TSX Venture
Exchange. Securities issued in the Offering will be subject
to a hold period of four months and one day pursuant to applicable
securities laws. About Monexa Technologies Corp. Monexa pioneered
the on-demand subscription billing space and has worked with
hundreds of businesses to help monetize their services. A deep
skill-base and leadership in subscription billing sets Monexa apart
from other service providers and attracts established customers
North America-wide. Monexa's customers range in size from
high-growth SaaS and Cloud Infrastructure companies to large
household-name companies like AOL Canada, Sprint, Amway and Bell
Mobility. Monexa provides companies the freedom to market their
services through creative pricing plans by removing barriers
imposed by traditional billing and payments processes. Monexa
stands for rapid, dependable monetization of all subscription
services. For more information visit www.monexa.com.
Forward-Looking Statements This news release contains
forward-looking statements. Actual events or results may differ
materially from those described in the forward-looking statements
due to a number of risks and uncertainties, including changes in
financial and product market conditions. Forward-looking statements
are based on management's estimates, beliefs, and opinions. The
Company assumes no obligation to update forward-looking statements,
other than as may be required by applicable law. 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. To
view this news release in HTML formatting, please use the following
URL:
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Garth Albright, CFObr/ D 604-630-5657 / bE /ba
href="mailto:ir@monexa.com"ir@monexa.com/a /p
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