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VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 24, 2015) – Apivio Systems Inc. (TSX VENTURE:APV) (“Apivio” or the “Company“) is pleased to announce that further to news releases each dated March 2, 2015 it has closed its brokered private placement (the “Private Placement“) for aggregate gross proceeds of approximately C$3,300,000.
PI Financial Corp. acted as underwriter (the “Underwriter“) for the Private Placement. Pursuant to the Private Placement, the Company issued 9,428,571 units (the “Units“) at a price of C$0.35 per Unit. Each Unit consists of one common share and one non-transferable common share purchase warrant (“Warrant“) with each Warrant exercisable by the holder into one common share of the Company at a price of C$0.55 per share for a period of 24 months from the closing date, subject to an accelerated expiry in certain circumstances. The Company paid the Underwriter a commission in the aggregate amount of C$231,021.59 in cash and 94,224 in Units representing 8% of the gross proceeds of the Private Placement. The Company also issued 754,285 compensation options (the “Compensation Options“) to the Underwriter representing 8% of the number of Units sold in the Private Placement. Each Compensation Option will entitle the Underwriter to acquire one common share of the Company at a price of $0.35 for a period of 24 months from the closing of the Private Placement.
The proceeds raised under the Private Placement will be used for general working capital purposes.
Securities issued under the Private Placement will be subject to a four month hold period which will expire four months plus a day from the date of closing of the Private Placement.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities to, or for the account or benefit of, persons in the United States or “U.S. persons” (“U.S. Persons“), as such term is defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“). The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Apivio Systems
Apivio Systems Inc. (formerly Moimstone Corporation) is a Canadian technology company principally engaged in the design, development, marketing, and sale of communications equipment and software. It has a wholly-owned Korean subsidiary with an eleven year history of supplying VoIP telephone equipment and other products to major Korean and international telecommunications carriers. For more information regarding the Company, please refer to its respective public filings available at www.sedar.com.
This press release has been prepared by Apivio Systems Inc.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation. Forward Looking Information includes, but is not limited to, disclosure regarding anticipated use of proceeds, possible events, anticipated revenue, conditions or financial performance that is based on assumptions about future economic conditions and courses of action or otherwise. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, budget”, “scheduled”, “suggest”, “optimize”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential” or “does not anticipate”, believes”, “anomalous” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-Looking Information involves known and unknown risks, including the Company’s anticipated use of proceeds, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Although Apivio has attempted to identify important factors that could affect Apivio and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Apivio does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. 50937483.2
Apivio Systems Inc.
Chief Executive Officer
Apivio Systems Inc.
Chief Financial Officer