CALGARY, May 4, 2016 /CNW/ - Zaio Corporation (TSXV:
ZAO) (the "Company" or "Zaio") today announces that it has closed
the previously announced private placement with Zone Data System,
LLC ("ZDS"). ZDS subscribed for 451,520 common shares of Zaio
at CAD $0.11 per share for gross
proceeds of CAD $49,667, following
the previously announced surrender and early termination of
warrants held by ZDS to purchase 13,600,000 of Zaio's common shares
at $0.20 per share, otherwise
expiring on February 4, 2017.
The common shares will be subject to a four-month hold period
and the proceeds will be used for general working capital
purposes. This transaction is subject to the submission of
final documentation and final approval of the TSX Venture
Exchange.
"With the cooperation and dedication of ZDS, we have injected
some additional working capital into our company," said
Phil Wazonek, President and COO of
Zaio Corporation. "We continue to remain committed to simplifying
our capital structure using non-dilutive strategies that are in the
best interest of shareholders as well as Zaio's long term growth
prospects."
The Company is also pleased to announce that all matters voted
on at the annual and special meeting held on April 25, 2016 (the "Meeting") received
shareholder approval. At the Meeting, the shareholders of the
Company approved resolutions including election of Phillip Wazonek, Walter
Andri, Willem Galle,
Robert Gloer, Jim Boyle, David
King and Shane Copeland as
directors of the Company, the appointment of KPMG LLP as the
Company's auditor, the approval of the Company's Stock Option Plan
and Restricted Share Unit Plan, proposed name change, share
consolidation and share subdivision. In addition, the
shareholders approved and ratified StableView Asset Management Inc.
as a new "Control Person" of Zaio, as such term is applied under
the policies of the TSX Venture Exchange.
The Company also announces that on May 3,
2016 the Board of Directors granted an aggregate of
6,060,320 stock options ("Options") to certain directors of the
Company, exercisable at a price of $0.105. 3,030,160 of the options vest immediately
upon issuance while the remaining 3,030,160 vest in four equal
installments after periods of 6, 12, 18 and 24 months conditional
upon and subject to the Company meeting performance targets to be
formulated and determined prior to the date 6 months from the date
hereof.
About Zaio Corporation
Zaio Corporation provides real estate valuation technologies to
deal with today's dynamic housing market through its
proprietary valuation solutions. Every day GSE, banking, and
investor clients rely on our proprietary solutions to fund loans
and value assets. At Zaio, our mission is to ensure that our
solutions provide businesses and consumers unparalleled insight
into their real estate assets. For more information, visit
www.zaio.com.
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.
Forward-Looking Information
This news release contains forward-looking statements which may
include financial and business prospects, as well as statements
regarding the Company's future plans, objectives or economic
performance and financial outlooks. Such statements are subject to
risk factors associated with the real estate industry, the overall
economy in both Canada and
the United States. Forward-looking
information in this press release, includes, among other things,
information relating to any applicable approvals required in order
to complete the warrant surrender and share subscription which may
include, but is not limited to, the approval of the TSX Venture
Exchange. The Company believes that the expectations reflected in
this news release are reasonable but actual results may be affected
by a variety of variables and may be materially different from the
results or events predicted in the forward-looking statements.
Readers are therefore cautioned not to place undue reliance on
these forward-looking statements. In evaluating forward-looking
statements readers should consider the risk factors which could
cause actual results or events to differ materially from those
indicated by such forward-looking statements. These forward-looking
statements are made as of the date hereof, and unless otherwise
required by applicable securities laws, the Company does not intend
nor does it undertake any obligation to update or revise any
forward-looking statements.
This news release does not constitute an offer to sell or
a solicitation of an offer to buy any of the securities in
the United States.
The securities of the Company will not be registered under
the United States Securities Act of 1933, as amended (the
"U.S. Securities Act, and may not be offered or sold
within the United States or to, or
for the account or benefit of U.S. persons except in
certain transactions exempt from the registration requirements of
the U.S. Securities Act)
SOURCE Zaio Corporation