This evening Ivrnet (IVI.V) announced a private placement to raise up to $250k. This is an expected move by Ivrnet in order to gear up to support its growth. In fact, when I spoke to Chris Topolniski (President/COO) and provided an update on my site, I pointed out that the company wants to ensure it has enough cash to carry out its growth plan as they feel that significant growth is around the corner. It wouldn't surprise me to see the company get a significant line of credit from a financial institution in the near future as well.
Calgary, Alberta, (February 29, 2016) - Ivrnet Inc. (TSXV: IVI) ("Ivrnet" or the “Corporation”) has received conditional acceptance from the TSX Venture Exchange and announces the brokered private placement of up to $250,000.00 in 10% convertible debentures of the Corporation at a purchase price of $1,000.00 per Convertible Debenture (the “Offering”). The Convertible Debentures have a term of one year and will be convertible during that time into common shares of the Corporation at a conversion price of $0.08 per common share. The Corporation and the holder(s) of the Convertible Debentures may mutually agree to extend the term of the Convertible Debentures by one year. During that second year, the Convertible Debentures will be convertible into common shares at a conversion price of $0.10 per common share.
Finder’s fees, broker’s fees and/or commissions will be paid in connection with the Offering. Fees payable to the Agent in connection with this Offering will be paid in common shares of the Corporation in an amount equivalent to 10% of the Offering value upon Closing using the conversion price of $0.08 cents per Common Share equating to a maximum of 312,500 common shares of the Corporation. The anticipated date of closing is on or before April 26, 2016.
Proceeds of the Offering will be utilized for general working capital.