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Yangaroo Announces Completion Of Financing And Debt Restructuring. All Escrow Release Conditions Satisfied.
(via Thenewswire.ca) TORONTO, CANADA - YANGAROO Inc. (TSX-V: YOO, OTC: YOOIF), the indus...
About this update from Yangaroo Inc.
[{"type":"text","content":"Yangaroo Announces Completion Of Financing And Debt Restructuring. All Escrow Release Conditions Satisfied.(via Thenewswire.ca)\n\n \nTORONTO, CANADA - YANGAROO Inc. (TSX-V: YOO, OTC: YOOIF), the industry's leading secure digital media management company (the \"Company\"), is pleased to announce that it has completed its debt restructuring and satisfied the Escrow Release Conditions (as defined below) of its recent private placement (the \"Private Placement\") of subscription receipts (the \"Subscription Receipt(s)\"), sold at a price of $0.25 per subscription receipt, based on the post-consolidation share price, as was initially announced in a news release dated July 3rd, 2013 (the \"July 3 Release\"), and the closing of which was announced on September 5th, 2013 (the 'September 5 Release\", together with the \"July 3 Release\" collectively the \"Releases\"). The Company had exceeded its original expectations and raised CAD $1,600,000 under the Private Placement, (the \"Proceeds\").\n\n\n \n\"We are delighted to announce the completion of the financing and the balance sheet restructuring. We now face the future with the resources and capital structure to achieve our goals,\" said Gary Moss, President and CEO of the Company. \"This has been a long and very complicated process. I want to thank the many advisors who helped to craft the roadmap and assisted in executing the plan. I also want to thank our shareholders and debenture holders for their support and I welcome the new investors who participated in the financing.\"\n\n\n \nAs the Escrow Release Conditions have been satisfied in accordance with the subscription receipt agreement (the \"Subscription Receipt Agreement\"), each Subscription Receipt will be automatically converted into one common share (each the \"Common Share\") of the Company and one warrant of the Company (each the \"Warrant\"), issued as of September 30th, 2013. Each Warrant will entitle the holder, upon exercise, to purchase one Common Share during a period of thirty-six (36) months (the \"Warrant Exercise Period\") following the Conversion Date (the \"Warrant Expiry Date\"), at a price of $0.25 within the first year of the Warrant Exercise Period and at a price of $0.35 within the second and third years of the Warrant Exercise Period. \n\n\n \nThe majority of the Proceeds were deposited into escrow (the \...