TROIS-RIVIERES, June 28 /CNW Telbec/ - GLOBEECOM(R) INTERNATIONAL INC.
("GlobeeCom(R)" or the "Company") (TSX Venture Exchange: GBC) announces the
initial closing of a private placement of convertible debentures of a maximum
amount of $300,000. SociDetDe Innovatech QuDebec ChaudiGeres-Appalaches
("Innovatech"), an insider of the Company, subscribed for today to a
convertible debenture of an amount of $100,000 in principal. Such subscription
was made conditionally to an undertaking of i) Mr.Erick Caron, President and
Chief Executive Officer of the Company and of Anne Caron, his wife and of
ii) Mr. Daniel Misiano, Vice-President, Sales and Business Development of the
Company to subscribe each for $25,000 in principal of convertible debentures,
at the same conditions.
This debenture as well as any other additional debentures that may be
issued pursuant to this private placement will 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. In the
event of that the Company does not respect its undertakings toward the holder
of debenture or if there is a default pursuant to the debenture, 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, subject to the approval of
the Exchange. If the total amount in principal of $300,000 of convertible
debentures is distributed and taking into account a conversion price of
$0.18 per share, a total number of 1,666,667 Common Shares could be so issued.
Furthermore, in the event that GlobeeCom(R) is able to complete, before
the maturity of the debentures, a placement of shares for a amount equal to or
higher than $2,500,000, 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 debenture 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. A total number of 1,500,000 Common Shares could
be so issued in the event of the conversion of all the warrants, assuming that
the total amount of $300,000 in debentures is subscribed for.
ABOUT GLOBEECOM(R)
GlobeeCom(R) International Inc. is a company specialized in the
development of on-line software solutions. Its mission: to market
technological solutions in order to optimize organizational communication
logistics over IP networks. Established on both North American and European
markets, GlobeeCom(R) is positioning itself as a strategic partner and service
provider.
"The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release."
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