OTTAWA, Sept. 5, 2014 /CNW/ - Magor Corporation ("Magor"
or the "Company") (TSX-V: MCC), a global leader in visual
collaboration solutions, today announced that it intends to
complete a non-brokered private placement of subordinated secured
debentures in the aggregate maximum gross proceeds of up to
$3,000,000 (the "Offering") in units
(the "Units"). Each Unit will be issued for $1,000 per Unit and shall consist of a
$1,000 par value senior secured
debenture (the "Debentures") and 500 common share purchase warrants
(each a "Warrant"). The Debentures shall mature three (3) years
from the date of issuance, unless redeemed at 102.0%, at the option
of the Company or unless converted into common shares of Magor at
the conversion rate of $0.30 per
common share. The Warrants are exercisable at a price of
$0.44 for a period of three (3)
years. The Debentures shall bear interest at an annual rate of 12%
of par value, payable every six (6) months in arrears in cash.
Magor intends to use the gross proceeds from the Offering for
general working capital purposes. Finder fees may be
payable on the Offering.
The Offering remains subject to the approval of the TSX Venture
Exchange and the satisfaction of other customary closing
conditions. All securities issued pursuant to the Offering (and any
underlying securities) will be subject to a statutory four (4)
month hold period, commencing as at the closing date of the
Offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States, or for an account or
benefit of U.S. persons (as such term is defined in Regulation S
under the United States Securities Act of 1933, as amended).
About Magor Corporation:
Magor enables people to engage in high-quality visual
conversations while simultaneously sharing, viewing and editing
relevant collaborative material on desktops, laptops, tablets,
smartphone applications, whiteboards and other devices. Magor fits
any workflow so that users have the freedom to work together
naturally anytime, regardless of location, network or device. To
find out more about Magor Corporation (TSX-V: MCC), visit our
website at http://www.magorcorp.com.
Disclaimer in regards to Forward-looking
Statements
Certain statements included herein constitute "forward-looking
statements" within the meaning of applicable securities laws.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
management at this time, are inherently subject to significant
business, economic and competitive uncertainties and contingencies.
Investors are cautioned not to put undue reliance on forward
looking statements. Except as required by law, Magor does not
intend, and undertakes no obligation, to update any forward-looking
statements to reflect, in particular, new information or future
events.
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.
SOURCE Magor Corporation