Business
Uniserve Announces Exercise of Warrants and Conversion of Debenture / Grant of Incentive Stock Options
(TheNewswire) Vancouver, BC: May 29, 2025  – TheNewswire - Un...
About this update from Uniserve Communications Corporation
[{"type":"text","content":"Uniserve Announces Exercise of Warrants and Conversion of Debenture / Grant of Incentive Stock Options\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Vancouver, BC: May 29, 2025  –\n \n\n TheNewswire -\n \n\n Uniserve Communications Corporation (the “Company” or\n“Uniserve”) (TSXV: USS), a leading provider of IT solutions and\nservices for both business and residential customers across Canada,\nwishes to announce that pursuant to the Cyclone Systems Inc.\n(“Cyclone”) transaction that closed February 5, 2025, as announced\nby news release of same date, the 1,000,000 Warrants granted under the\ntransaction are to be exercised for consideration of $300,000 payable\nto Uniserve.\n \n\n\n\n The Company further announces that Cyclone has given\nnotice that it intends to convert $350,000 of its $1,000,000\nconvertible debenture at $0.35 per Share into 1,000,000 common shares\nof the Company. Pursuant to the terms of the transaction, conversion\nis anticipated to be formally completed on or about August 5, 2025.\nUniserve will issue a subsequent news release upon completion of\nconversion by Cyclone.\n \n\n\n\n The Company further w\n \n\n ishes to\nannounce that it has granted, effective today, an aggregate of\n2,684,000 stock options (each an “Option) to certain directors,\nofficers, employees, and consultants of the Company in accordance with\nthe Company’s Stock Option Plan.  Each Option is exercisable into\none common share of the Company (each a “Share”) at a price of\n$0.35 per Share.  All Options granted are exercisable for a two year\nterm expiring May 29, 2027 and vest immediately.  The Options granted\nto insiders and consultants are subject to a four month TSX Venture\nExchange hold period expiring September 30, 2025.\n \n\n\n\n Certain directors and officers of the Company received\nOptions, and such issuance of Options is considered to be a “related\nparty transaction” as defined under Multilateral Instrument 61-101\n(“MI 61-101”). This is exempt from the formal valuation and\nminority shareholder approval requirements of MI 61-101 as the fair\nmarket value of such issuance of Options does not exceed 25% of the\nmarket capitalization of t...