Business
In-Touch Survey Systems Ltd. enters term sheets for non-brokered $36,100 and $100,000 private placements
In-Touch Survey Systems Ltd. enters term sheets for non-brokered $36,100 and $100,000 private placements.
About this update from Intouch Insight Ltd.
[{"type":"text","content":"\n\n\n\n\nOTTAWA, April 4 /CNW Telbec/ - In-Touch Survey Systems Ltd.(\"In-Touch\"\nTSX-Venture: INX) is pleased to announce that it has entered into a term sheet\nfor a non-brokered private placement of common shares for aggregate proceeds\nof thirty six thousand one hundred dollars ($36,100.00), which is anticipated\nto close no later than April 20, 2006.\nParticipating in the note are two insiders, Lynda Partner, Vice President\nMarketing and Sales, David Sigler, Chief Technology Officer and one other\nemployee. They will subscribe for an aggregate of 515,714 common shares at\nseven cents ($0.07) per common share. No other individuals are participating\nin this placement.\nThe private placement is subject to regulatory compliance and approval by\nthe TSX.\nIn-Touch has also entered into a term sheet for a non-brokered private\nplacement with In-Touch CEO Michael Gaffney for aggregate proceeds of one\nhundred thousand dollars ($100,000.00), which is anticipated to close no later\nthan April 20, 2006.\nIn exchange for the investment, Mr. Gaffney will receive a secured\nconvertible promissory note. The principal of the promissory note will be\nconvertible to common shares at ten cents ($0.10) of principal for each common\nshare. Interest on the promissory note will be twenty four percent (24%)\nannually, payable monthly in arrears. There is no right to convert the\ninterest. There are no financial covenants associated with the note such that\na default could be triggered. The principal of the note must be paid by\nDecember 31, 2006. In-Touch may pre-pay the note in advance, on 30 days\nnotice, without penalty or bonus.\nThe private placement with Mr. Gaffney is subject to regulatory\ncompliance and approval by the TSX.\nThe proceeds from both placements will be used for general working\ncapital purposes.\n\nThe TSX Venture Exchange has not reviewed the foregoing and has neither\napproved or disapproved the contents of this press release.\n%SEDAR: 00007687E\n\n\n","length":2030,"tagName":"div"}]