IP Applications Corp. Announces Non-brokered Private Placement

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[{"type":"text","content":"\n\n\n\nVANCOUVER, June 20 /CNW/ - IP Applications Corp. (the "Company")\n(IPX: TSX-V) today announces that it intends, subject to receipt of all\nnecessary regulatory approvals, to complete a non-brokered private placement\nto raise between $750,000 and $1,500,000 through the issuance of up to\n7,500,00 units at a price of $0.20 per unit (the "Offering").\n\n\nEach unit will consist of one common share and one-half common share\npurchase warrant. Each whole warrant will entitle the holder thereof to\nacquire an additional common share of the Company at a price of $0.25 for a\nperiod of two years after closing. Pender Financial Group Corporation and\ninsiders of the Company are expected to participate in this financing. A\nFinder's fee of 8% payable in cash and warrants equal to 8% of the number of\nunits issued to the subscribers may be paid to arm's length third parties in\nconnection with the Offering, however no finder's fee will be payable on any\nshares purchased by insiders. IP Applications intends to use the net proceeds\nfor working capital necessary to advance a strong initiative into the rapidly\nexpanding Software as a Service ("SaaS")/Cloud computing markets\n\n\nJohn Jacobson, President and CEO said "We've spent a lot of time this\nyear planning our entry into the fast growing Software as a Service and Cloud\nComputing markets. Major players in the enterprise software space are\nsearching for technical solutions to billing, administration and marketing\nservices required by these new computing models. This financing funds the\nproduct upgrades and marketing to move IP Applications as rapidly as possible\ninto this fast-growing high-value market."\n\n\nAbout IP Applications Corp.\n\n\nIP Applications delivers hosting, business process automation and\ncustomer care for companies in the rapidly expanding Software-as-a-Service\n(SaaS") market. IP Applications' customers use the Company's data center and\nstaff instead of developing their own infrastructure and administrative\nsoftware. Customers are free to focus on their product technology while\nIP Applications solves the end user satisfaction and delivery management\nissues for them.\n\n\nForward-Looking Statements\n\n\nThis press release may contain forward-looking statements. The Company\ncautions users of this forward-...

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