SeaMiles Private Placement
16 August 2011 - 7:53AM
Marketwired
SeaMiles Limited ("SeaMiles" or the "Company") (TSX VENTURE: SEE),
North America's premier cruise loyalty provider, announced today
that it has entered into an agreement to raise $1,000,000 by way of
a private placement of convertible debt. The convertible debt will
have a three year term and bear interest at 10% per annum. The debt
is convertible, in whole or in part, into common shares of the
Company at a conversion price of $0.50 per share. In connection
with the financing, the Company will also issue 1,000,000 common
share purchase warrants to the holder of the convertible debt to
purchase common shares of the Company at an exercise price of $0.10
per share at any time during the next three years. The lender is a
related party of the Company. These transactions are subject to the
approval of the TSX Venture Exchange.
The proceeds of the financing will be used primarily to pursue
opportunities in the development and implementation of solutions in
support of venture philanthropy, as well as to repay certain
outstanding liabilities of the Company. Coupled with net proceeds
of approximately $462,000 U.S. the Company received from the
recently settled litigation from Barclays Bank Delaware, the
Company is positioned to pursue its new opportunities.
ABOUT SEAMILES
SeaMiles is North America's premier cruise loyalty provider,
committed to recognizing and rewarding the cruiser through multiple
earning opportunities and best-in-class, maximum award flexibility
based on "Any Cruise Line...Any Time". Additional information can
be found at www.seamiles.com.
This press release contains "forward looking information" within
the meaning of applicable Canadian securities legislation. Forward
looking information includes, but is not limited to, the potential
closing date of the private placement and the proposed use of
proceeds. Generally, forward looking information can be identified
by the use of forward-looking terminology such as "plans",
"expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to: general business, economic, competitive and regulatory
risks. Although the Company 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 in such statements.
Accordingly, readers should not place undue reliance on forward
looking information. The Company does not undertake to update any
forward-looking information, except in accordance with applicable
securities laws.
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.
Contacts: SeaMiles Limited Peter Rooney President (416) 398-1555
Ext. 442 peter.rooney@seamiles.com SeaMiles Limited Steven Wise
Chairman & CEO (416) 631-3400 steven@seamiles.com
www.seamiles.com
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