Business
RealBiz Media Group, Inc. Announces Closing and Purchase of Himmil Note and Warrants
RealBiz Media Group, Inc. Announces Closing and Purchase of Himmil Note and Warrants.
About this update from Verus International, Inc.
[{"type":"text","content":"\n \n \n RealBiz Media Group, Inc. Announces Closing and Purchase of Himmil Note and Warrants\n \n \nRealBiz Media Group, Inc. Announces Closing and Purchase of Himmil Note and Warrants\n\n$680,000 Raised, Retiring Debt That Put Constant Downward Pressure on RBIZ Stock Price\n\n \n FORT LAUDERDALE, FL--(Marketwired - Dec 1, 2015) - RealBiz Media Group, Inc. (OTCQB: RBIZ), the market leader in video technology for the real estate industry, has concluded the purchase and redemption of a 7.5% convertible promissory note by Himmil Investments Ltd dated May 2015, including all interest due and significant common stock purchase warrants for $500,000 in cash.\n RealBiz management identified the debt instrument as a priority of the Company and made it a short term objective of RealBiz to redeem the debt. In total $680,000 was raised through a Private Placement Memorandum (PPM), far outpacing the necessary $500,000 for debt retirement. The balance of the funds will be used for corporate expansion and marketing purposes.\n Don Monaco, Chairman of the Board of RealBiz, invested $300,000 in the PPM. He additionally converted $50,000 of short term debt into equity. SRA Partners of San Francisco invested $200,000 in the PPM, joining a host of other shareholders including the company's CFO Tom Grbelja.\n \"It was a strong vote of confidence seeing our Chairman and a host of shareholders participate so substantially in the offering. The fact that RealBiz was able to do this without raising a single penny of new debt shows the belief and confidence our shareholders hold in the new management team and the underlying strength of our business model. We felt that redeeming these securities was of critical importance as they represented a potential for constant downward pressure on our stock price. Moving forward, this action will allow the company's stock to trade based on a more direct correlation to its business growth and potential,\" said Alex O. Aliksanyan, Chief Executive Officer of RealBiz.\n Under the terms of the settlement and purchase agreement, the convertible notes and approximately 2,300,000 of warrants will be cancelled and of no further force and effect.\n About RealBiz Media Group, Inc.\n RealBiz Media Group, Inc. is a real estate digital media and technology company whose proprietary video processing technology ...