Monexa Technologies Corp. Announces Debt Financing
04 Febrero 2011 - 3:05PM
PR Newswire (Canada)
VANCOUVER, Feb. 4 /CNW/ -- VANCOUVER, Feb. 4 /CNW/ - Monexa
Technologies Corp. (TSX Venture: MXA) ("Monexa" or the "Company")
is pleased to announce that the Company's Board of Directors has
accepted the terms of a loan (the "Loan") from Ansera Capital II,
Limited Partnership ("Ansera") in the principal amount of $600,000
which can be drawn down by the Company on a demand basis. Garth
Albright, CFO of Monexa, said, "The funds from the recently closed
private placement, together with this Loan, will carry Monexa to
operating on a cash-flow break-even basis. With our success
in 2010 at signing new recurring revenue contracts and renewing
existing agreements, we've demonstrated the growth potential in the
SaaS billing business, and built revenue for 2011 and beyond." John
Jacobson, CEO of Monexa, said, "Exciting new growth and established
enterprise companies chose Monexa in 2010 as their SaaS billing
solution. It was a rewarding year for building long-term
value. With the January 2011 capital injection from the
private placement and the Loan from Ansera, we're equipped to take
the Company to the next level." The Loan will be secured by a
promissory note (the "Note") which yields interest of 10% per annum
and matures on September 30, 2011. Ansera has the option to require
the accrued interest on the Note to be repaid in cash or by the
issuance of common shares of the Company calculated at the
volume-weighted average price of the shares for the 30 day period
ending on January 31, 2011. The Loan is secured by a general
security agreement granting Ansera a security interest in all of
the assets of the Company. The Loan is subject to an
agreement fee of $12,000 and a discharge fee equal to 4% of the
average amount outstanding over the term of the Note. In the event
that: (1) while the Note is outstanding or within the 8 month
period following repayment of the Note, there is a sale of all or
substantially all of the assets of the Company; (2) while the Note
is outstanding or within the 8 month period following repayment of
the Note, there is a merger, consolidation, recapitalization of
similar transaction resulting in shareholders prior to such
transaction holding less than 50% of the voting power of the
resulting entity; or (3) the issuance of additional securities by
the Company for a total subscription price greater than $650,000
while the Note is outstanding (other than securities issuable
pursuant to the terms of existing convertible securities, such as
preferred shares, stock options or warrants or securities issued in
payment of existing interest or accrued dividend obligations),
Ansera will be entitled to repayment of the Note in an amount equal
to two (2) times the higher of: (a) the principal amount of the
Note then outstanding, plus all accrued and unpaid interest; or (b)
$200,000. The Note shall become immediately due and
payable on an event of default, which includes: bankruptcy or
insolvency of the Company; the cessation of operations of the
Company; the liquidation, dissolution or winding up of the Company;
default by the Company on any existing bank or term loan; or a
variance of more than 10% of the agreed operating expenses or
monthly revenue as outlined in the Company's business plan. The
Company also announces that it has granted to a director and
officer of the Company a total of 750,000 incentive stock options
under its existing fixed stock option plan, which are exercisable
at a price of $0.10 per share for a period of 5 years and vest in
stages over a period of not less than 18 months. This grant is
subject to regulatory approval. About Monexa Technologies Corp.
Monexa pioneered the on-demand subscription billing space and has
worked with hundreds of businesses to help monetize their services.
A deep skill-base and leadership in subscription billing sets
Monexa apart from other service providers and attracts established
customers North America-wide. Monexa's customers range in size from
high-growth SaaS and Cloud Infrastructure companies to large
household-name companies like AOL Canada, Sprint, Amway and Bell
Mobility. Monexa provides companies the freedom to market their
services through creative pricing plans by removing barriers
imposed by traditional billing and payments processes. Monexa
stands for rapid, dependable monetization of all subscription
services. For more information visit www.monexa.com.
Forward-Looking Statements This news release contains
forward-looking statements. Actual events or results may differ
materially from those described in the forward-looking statements
due to a number of risks and uncertainties, including changes in
financial and product market conditions. Forward-looking statements
are based on management's estimates, beliefs, and opinions. The
Company assumes no obligation to update forward-looking statements,
other than as may be required by applicable law. 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. To
view this news release in HTML formatting, please use the following
URL:
http://www.newswire.ca/en/releases/archive/February2011/04/c8164.html
pGarth Albright, CFO / John Jacobson, CEObr/ D 604-630-5657 / D
604-630-5661br/ bE/ba href="mailto:ir@monexa.com"ir@monexa.com/a/p
Copyright
Monexa Technologies Corp (TSXV:MXA)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Monexa Technologies Corp (TSXV:MXA)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
Real-Time news about Monexa Technologies Corp (TSX Venture Exchange): 0 recent articles
Más de Monexa Technologies Corp Artículos de Noticias