iSIGN Media Announces A Promissory Note Extension and Related Interest Terms
TORONTO, Jan. 15, 2019 (GLOBE NEWSWIRE) -- iSIGN Media Solutions Inc. (“iSIGN” or “Company”) (TSX-V: ISD) (OTC: ISDSF), a leading provider of interactive mobile advertising solutions that serves brands, commercial locations, retailers and service providers throughout North America, today announced the extension to the due date of a promissory note (“Note”) with Korona Group Ltd. in August 2017.
The Note matured on August 31, 2018 and the parties have agreed to an extension of the due date to January 31, 2020. Additionally, the parties have agreed that the interest on the additional term will be by way of a warrant bonus, with the number of warrants being 6,007,000. Calculation of the number of warrants is based on the $600,700 value of the Note and the warrant exercise price of $0.10. The warrants will have a term that matches the due date of the Note, January 31, 2020 and cannot be extended. When exercised, each warrant will allow for the purchase of one common share of iSIGN.
The Company elected to satisfy this outstanding indebtedness with warrants in order to preserve its cash for operational purposes.
This arrangement is subject to the approval of the TSX Venture Exchange (“Exchange”). The Company will issue these warrants once approval has been received from the Exchange.
Additionally, the Company announced it has entered into a shares-for-debt arrangement in which the Company has agreed to issue 500,000 common shares at a deemed price of $0.08 per share in settlement of a debt totaling $40,000.
Satisfying this outstanding indebtedness with shares was undertaken in order to preserve the Company’s cash for operational purposes.
This arrangement is subject to the approval of the TSX Venture Exchange (“Exchange”). The Company will issue these shares, which are subject to a four-month hold period, once approval has been received from the Exchange.
About iSIGN MediaiSIGN, a Canadian company based in Toronto, Ontario is a data-focused, software-as-a-service (SaaS) company that is a pioneering leader in the areas of location-based security alert messaging and proximity marketing utilizing Bluetooth® and Wi-Fi connectivity in complete privacy. Creators of the Smart suite of products, a patented interactive proximity marketing technology, iSIGN enables the delivery of messages to mobile devices in proximity, with real-time reporting and analytics on a variety of metrics. Partners include: IBM, Keyser Retail Solutions, Baylor University, Verizon Wireless, TELUS and Mtrex Network Solutions. www.isignmedia.com
© 2019 iSIGN Media Solutions Inc. All Rights Reserved. All other trademarks and trade names are the property of their respective owners.
Bruce ReillyiSIGN Media Solutions Inc. email@example.com
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