Business
Monexa Technologies Corp. Announces Non-Brokered Private Placement
Monexa Technologies Corp. Announces Non-Brokered Private Placement
About this update from Santa Rosa Resources Corp.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Mar. 23, 2010 (Canada NewsWire Group) -- /CNW/ -- Monexa Technologies Corp. (TSX-Venture: MXA) (\"Monexa\" or the \"Company\") is pleased to announce a non-brokered private placement of a total of 416,761 of 10% convertible preferred shares (the \"Shares\") of the Company at a price of $0.12 per Share (the \"Offering\") for gross proceeds of $50,000. The Company will issue 200,044 common share purchase warrants (the \"Warrants\") in connection with the Offering, each of which will entitle the investor to acquire a common share of the Company at a price of $0.36 until August 7, 2014.Investors will be entitled to an annual cumulative cash dividend of 10% of the issue price of the Shares, payable in cash in arrears on December 31 of each year. The Shares will be convertible at the investor's option into common shares of the Company on a 1:1 basis. After February 7, 2011, the Company may elect to convert the Shares into common shares if: (a) the closing price of the common shares is at a price greater than $0.40 per share for a period of 30 consecutive trading days; and (b) the total trading volume over such period is greater than 20% of the common shares issued and outstanding at the beginning of such period, excluding all common shares of the Company held by Pender Growth Fund (VCC) Inc. and by Pender Financial Group Corporation. The Shares will be redeemable at the original issue price, plus accrued and unpaid dividends, on or after August 7, 2014. Investors will have a pro-rata right to participate in subsequent equity or debt financings, to maintain their percentage equity ownership of the Company.The Offering is subject to the approval of the TSX Venture Exchange. The Closing is expected to occur on or about March 26, 2010. The Shares, and any common shares issued on conversion thereof, as well as any warrant shares issued on exercise of the Warrants, will be subject to a four month hold period.Monexa intends to use the net proceeds for working capital necessary to advance development and marketing initiatives in respect of the rapidly expanding subscription billing market.About Monexa Technologies Corp.Monexa offers a flexible on-demand subscription billing solution that provides a fast and scalable environment for expediting the launch of products, services and applications online. This accelerates our cus...