Business
Monexa Technologies Corp. Closes Non-Brokered Private Placement
Monexa Technologies Corp. Closes Non-Brokered Private Placement
About this update from Santa Rosa Resources Corp.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Apr. 16, 2010 (Canada NewsWire Group) -- /CNW/ -- Monexa Technologies Corp. (TSX-Venture: MXA) (\"Monexa\" or the \"Company\") confirms that on March 29, 2010 the Company reported in a news release that it closed a non-brokered private placement and raised gross proceeds of $50,011. The Company confirms that the closed non-brokered private placement raised gross proceeds of $30,000 and not $50,011 as previously reported.The impact of this change is that the Company issued to Investors 250,002 convertible preferred shares (previously 416,761 preferred shares) (the \"Shares\") of the Company at a price of $0.12 per Share (the \"Offering\"). The Company has also issued 120,000 common share warrants (previously reported 200,044 common share purchase warrants) (the \"Warrants\") in connection with the Offering, each of which will entitle Investors to acquire a common share of the Company at a price of $0.36 until August 7, 2014. The Shares and Warrants, as well as any common shares issued on conversion of the Shares or exercise of the Warrants, are subject to a four month hold period expiring on July 25, 2010.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 are 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 terms of the Shares provide that they are redeemable at the original issue price, plus accrued and unpaid dividends (the \"Redemption Price\"), on or after August 7, 2014 or on the occurrence of a change of control, consolidation, amalgamation or merger of the Company, a sale of substantially all of the Company's assets or undertaking, or a liquidation, winding-up or dissolution of the Company.The Investors have agreed that, on redemption of the Shares, they will r...