Business
COUNTERPATH ANNOUNCES PRIVATE PLACEMENT
COUNTERPATH ANNOUNCES PRIVATE PLACEMENT
About this update from Newpath Resources Inc
[{"type":"text","content":"\n\n\n\n Oct. 21, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nVANCOUVER, Oct. 21 /CNW/ - CounterPath Corporation (OTCBB: CPAH; TSX-V: CCV), announced that it intends to complete a private placement of up to $1 million of convertible debentures. The debentures may be converted at any time, prior to maturity, into shares of the Company's common stock at a conversion price of $1.37 (CDN$1.40) per share, being the closing share price on October 21, 2010, subject to certain conditions. The convertible debentures will be unsecured obligations of the Company and carry an interest rate equal to the Prime Bank Rate as quoted by the Bank of Montreal, payable monthly. The convertible debentures will mature in two years.\nThe Company expects to complete the private placement on or before October 29, 2010. Insiders are expected to subscribe for greater than 25% of the private placement. The Company does not anticipate paying any broker's or finder's fees in connection with this private placement.\nThe gross proceeds of the offering will be used to fund the operations of the CounterPath. The closing of the offering is subject to certain conditions, including regulatory approval.\nThe securities offered will not be registered under the United States Securities Act of 1933 (the "Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act.\n\nDisclaimer: Neither TSX Venture Exchange nor its Re...