TROIS-RIVIERES, Nov. 4 /CNW Telbec/ - GLOBEECOM INTERNATIONAL INC.
("GlobeeCom" or the "Company") (TSX Venture Exchange: GBC) announces a fourth
and final closing, as of today, of a private placement of convertible
debentures of a total amount of $25,000. The Company had announced on June 21,
August 15, and September 6 2005, the private placement of $725,000 in
convertible debentures. The Company has thus issued a total amount of $750,000
in convertible debentures.
Mr. Daniel Misiano, vice-president of the Company, is the subscriber of
the convertible debenture issued today.
All the convertible debentures bear interest at an annual rate of 15% and
will mature two years after their respective issuance.
The holders of the debentures will have the right to convert, at their
entire discretion, and at any time until maturity date, in whole or in part,
the amount in principal of the debentures into Common Shares of the Company.
The conversion price of the Common Shares is equal to $0.18 per share of the
amount in principal. In the event that the Company does not respect its
undertakings toward the holder of debenture or if there is a default pursuant
to the debentures, the conversion price shall be equal to the lesser of the
conversion price or the average closing price of the Common Shares of the
Company at the TSX Venture Exchange or any other recognized Exchange at which
the Common Shares are listed for the ten (10) days preceding the conversion
notice less the maximum discount under the applicable Exchange policies, the
whole subject to the approval of the Exchange. In the event of the conversion
of all the convertible debentures totalizing $750,000, and assuming a
conversion price of $0.18 per share, a total number of 4 166 667 Common Shares
could be so issued.
Furthermore, in the event that GlobeeCom is able to complete, before the
maturity of the debentures, a placement of shares for an amount equal to or
higher than $2,500,000, at a price per share equal or higher than $0.18, the
Company will be able to convert, at the date of closing of such placement, the
whole principal amount of issued convertible debentures, at a conversion price
of $0.18.
Each one (1) dollar in principal amount of the debentures is accompanied
by five (5) warrants. Each such warrant may be converted into one (1) Common
Share of the Company at a price of $0.18 per share for a period of two years
after their respective issue. In the event of the conversion of all the
outstanding warrants, a total number of 3 750 000 Common Shares could be so
issued.
The number of Common Shares currently outstanding is 17,361,692 Common
Shares. A number of 1,772,284 Common Shares may also be issued pursuant to
outstanding. Furthermore, a total number of 3,750,000 Common Shares may be
issued in the event of the conversion of all the outstanding warrants and,
assuming a conversion price of $0.18 per share, 4 166 667 Common Shares may be
issued in the event of the conversion of all the convertible debentures.
ABOUT GLOBEECOM INTERNATIONAL INC.
GlobeeCom International Inc. is a company specialized in the development
of on-line software solutions. For the past 24 months it has been positioning
itself on the market of converging technologies, bringing together PCs and new
generation fixed and cellular telephony via its GlobeMeeting(R) and Globee
technologies.
Its mission is to market technological solutions with a view to
optimizing company-wide communications logistics over IP networks. Established
on both North American and European markets, Globeecom is positioning itself
as a strategic partner and services provider.
GlobeeCom is also looking for companies that are active players in the
targeted segments and that consider its collaborative software as a
value-added element in their services offerings. We are more especially
targeting telephone companies, Internet portals, the healthcare and education
sectors, consultants and professionals specializing in on-line learning, and
professionals in content development.
Forward-looking statements contained in this Press Release involve known
and unknown risks, uncertainties and other factors that may cause actual
results, performance and achievements of the Company to be materially
different from any future results, performance or achievements expressed or
implied by the said forward-looking statements.
TSX Venture Exchange Inc. accepts no liability regarding the relevance or
accuracy of this Press Release
