Business
Gravitas Financial Inc. announces closing of business combination with Ubika Corp. and new President
/ NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES./ ...
About this update from Rocky Shore Gold Limited
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE\n SERVICES./ \n\n\nAll amounts in Canadian Dollars\n\n\nTORONTO, June 25, 2013 /CNW/ - Gravitas Financial Inc., formerly\n SearchGold Resources Inc. (\"Gravitas\" or the \"Company\") is pleased to announce that it has closed its previously announced\n change of business and business combination with Ubika Corp. The\n Company is also pleased to announce that David Carbonaro, a director of\n the Company, has agreed to join Gravitas as its President.\n\n\nOn June 21, 2013, Ubika closed an additional brokered private placement\n of 24,000 subscription receipts (the \"Subscription Receipts\") led by Portfolio Strategies Securities Inc. (the \"Agent\") for gross proceeds of $24,000,000 at an issuance price of $1,000 per\n Subscription Receipt. In the aggregate, Ubika has issued 54,022\n Subscription Receipts (the \"Offering\") for aggregate gross proceeds of $54,022,000. As a result of\n satisfying the escrow release conditions under the Subscription\n Receipts, $52,930,260, has been transferred to Gravitas, representing\n the gross proceeds less Agent's fees and other expenses.\n\n\nEach Subscription Receipt shall automatically convert, without payment\n of any additional consideration and without further action on the part\n of a subscriber to the Offering, into one debenture (the \"Ubika Debenture\") upon the satisfaction of the escrow release conditions and until such\n time, no Subscription Receipts may be exercised by the holders\n thereof.  Each Ubika Debenture is exchangeable, upon completion of the\n transaction, into one debenture of Gravitas (the \"Resulting Issuer Debenture\").\n\n\nThe Agent shall receive a cash commission equal to 2% of the gross\n proceeds from the Offering. Additionally, in connection with the\n Offering, the Agent shall receive a cash fee of $10,000. It is intended\n that within the next several days, the Resulting Issuer Debentures will\n begin trading under the ticker symbol \"GFI.DB.A\" and the common shares\n of Gravitas will be de-listed from the TSX Venture Exchange and listed\n on the CNSX under the symbol \"GFI\".\n\n\nABOUT GRAVITAS FINANCIAL INC.\n\n\nGravitas is a fast growing public financial services, research and\n analytics company providing capital market services to private and\n public company clients...