- iSIGN Media Solutions Inc. (ISD) has received approval from the TSX Venture Exchange to close its two-year convertible note
- The note is in settlement of previous convertible debt and related interest totalling $324,404
- The debt will be converted, at the option of the noteholder, into 6,488,080 common shares on the corporation at a price $0.05 per share in the first year and $0.10 in the second year
- iSIGN is an infrastructure-oriented, software-as-a-service (SaaS) provider, specializing in proximity-centric location services.
- At 3:30 PM ET, shares of iSign Media Solutions Inc. were down 10 per cent, trading at $0.045
iSIGN Media Solutions (ISD) has received TSXV approval to close its two-year convertible note in settlement of convertible debt totalling $324,404.
Under the terms of this new two-year convertible note, the debt will be converted, at the option of the noteholder, into 6,488,080 common shares on the corporation at a price of $0.05 per share in the first year and $0.10 in the second year.
The corporation has also agreed to grant to the holders of the convertible new debenture 6,488,080 warrants exercisable at $0.0625 per share for a period of two years, from the date of conversion of the debenture.
The new debenture will bear interest at 12 per cent per annum, payable upon maturity.
This concludes the corporation’s transfer of all current debt into long-term debt and provides the Corporation with immediate payment relief while it continues with its business plan and moves forward with its new technology.
iSIGN is an infrastructure-oriented, software-as-a-service (SaaS) provider, specializing in proximity-centric location services.
At 3:30 PM ET, shares of iSign Media Solutions Inc. were down 10 per cent, trading at $0.045.