Extenway is further pleased to announce that it has received a signed conditional offer from a major institutional fund manager, pursuant to which the fund is expected to invest
The Convertible Debentures will be unsecured, will mature on
The Convertible Debentures will be convertible into common shares of Extenway (the "Common Shares") at a conversion price of
In the event that, at any time after
Upon the occurrence of a liquidity event (which includes a merger, an amalgamation, a reorganization, the sale of shares or any other transaction resulting in a change of control of Extenway, or the sale of all or substantially all of the assets of Extenway) (a "Liquidity Event") pursuant to which:
-- (a) the conversion price of the Convertible Debentures is lower than the price per Common Share of Extenway determined pursuant to such Liquidity Event (the "Offered Price"), the Convertible Debentures will be automatically converted into Common Shares of Extenway at the applicable conversion price; -- (b) the conversion price of the Convertible Debentures is equal to or greater than the Offered Price, Extenway shall be entitled to cancel the Convertible Debentures by paying to the holders thereof an amount equal to the sum of: (a) the outstanding principal amount of such Convertible Debentures, (b) the accrued and unpaid interest thereon, and (c) a 3% penalty calculated on the outstanding principal amount of such Convertible Debentures.
The proceeds of the Offering will be used for working capital purposes. The private placement is subject to compliance with applicable securities legislation and to the approval of the
It is anticipated that a finder's fee in the amount of
All Convertible Debentures and all underlying Common Shares which may be issued to purchasers under the Offering will be subject to a four-month plus one-day hold period from the Closing Date, pursuant to securities legislation and the policies of the
Extenway is a supplier of client-focused solutions for the healthcare industry. Services offered by Extenway include interactive television, beside terminals for patients, internet, entertainment, content integration, advertising, education and integrated solutions. Extenway allows organizations to optimize management and coordination of human interactions as well as communications, information and coordination. For further information, please visit www.extenway.com or follow us on Twitter @Extenway.
Disclaimer - Safe Harbour Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements. These forward-looking statements relate to the future financial conditions, results of operations or business of Extenway. These statements may be current expectations and estimates about the markets in which Extenway operates and management's beliefs and assumptions regarding these markets. These statements are subject to important risks and uncertainties which are difficult to predict and assumptions which may prove to be inaccurate. The results or events predicted in forward-looking statements may differ materially from actual results or events. Extenway disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. In particular, forward-looking statements do not reflect the potential impact of any merger, acquisitions or other business combinations or divestitures that may be announced or completed after such statements are made.
FOR FURTHER INFORMATION PLEASE CONTACT:
John McAllisterPresident and CEO Extenway Solutions Inc.514-694-1916 Marie-Helene d'Entremont Zone franche 514-371-5715, ext. 204 email@example.com Source: Extenway Solutions Inc.