Business
IP Applications Receives Final Acceptance of Non-Brokered Private Placement
VANCOUVER, Aug. 10 /CNW/ - IP Applications Corp. (TSX-Venture: IPX) ("IP Applications" or the "Co...
About this update from Santa Rosa Resources Corp.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Aug. 10 /CNW/ - IP Applications Corp. (TSX-Venture: IPX) ("IP\nApplications" or the "Company") is pleased to announce that, further to the\nCompany's news release of May 26, 2009, it has formally closed its\nnon-brokered private placement and raised gross proceeds of $1,000,000.\n\n\nJohn Jacobson, President and CEO, said "This financing provides funding\nfor our aggressive pursuit of new customers for our industry-leading on-demand\nbilling platform. The on-demand billing and payments space is rapidly\ndeveloping and IPA is well positioned to take advantage of this growing\nmarket. Our target customers are online businesses selling technology services\nand products on a subscription basis. This includes not only SaaS and Cloud\nComputing companies, but also new and existing enterprises who want to expand\ninto this channel. Our expertise in on-demand billing and payment\napplications, developed over the last ten years, positions us to meet the\non-demand billing needs of these companies. It's available today and it\nworks."\n\n\nThe Company received final acceptance from the TSX Venture Exchange (the\n"Exchange) for the issuance to Pender Growth Fund (VCC) Inc. ("Pender") of\n8,333,333 convertible preferred shares (the "Shares") of the Company at a\nprice of $0.12 per Share (the "Offering"). The Company has also issued\n4,000,000 common share purchase warrants (the "Warrants") in connection with\nthe Offering, each of which will entitle Pender to acquire a common share of\nthe Company (the "Warrant Shares") at a price of $0.36 until August 7, 2014.\nThe Shares and Warrants, as well as any common shares issued or conversion of\nthe Shares or exercise of the Warrants, are subject to a four month hold\nperiod expiring on December 8, 2009.\n\n\nPender will be entitled to an annual cumulative cash dividend of 10% of\nthe issue price of the Shares, payable in cash in arrears on December 31 of\neach year. The Shares are convertible at Pender's option into common shares of\nthe Company on a 1:1 basis. After a period of 18 months from the Closing, the\nCompany may elect to convert the Shares into common shares if: (a) the closing\nprice of the common shares is at a price greater than $0.40 per share for a\nperiod of 30 consecutive tra...