Uniserve Announces Director Appointment / Exercise of Warrants Expiring January 2, 2022 / Reduction in Debt
Vancouver, BC, Jan. 18, 2022 (GLOBE NEWSWIRE) — Uniserve Communications Corporation (the “Company”) is pleased to announce that Mr. Kwin Grauer has agreed to join its Board of Directors as an independent Director effective immediately. Kwin is a seasoned professional in financing, financial modeling and corporate restructuring with more than 20 years’ experience operating, buying and selling small and medium sized businesses. Kwin has over 10 years of active board work to go along with his business experience and has served as Board Member, Audit Committee Chair and Board Chair for institutional, corporate and not for profit boards.
The Company further wishes to announce that it has received $15,000 and issued 100,000 common shares during its quarter ending November 30, 2021, and received a further $1,821,700 and issued 12,144,666 common shares during its third quarter ending February 28, 2022, from the exercise of Warrants granted pursuant to its 26,750,000 Unit private placement which closed July 2, 2019. Pursuant to the 26,750,000 Unit private placement, a total of 26,750,000 Warrants were issued exercisable on a 1:1 basis at $0.12 per share during year one to July 2, 2020, and $0.15 per share during year two to the date of expiration of July 2, 2021. On May 31, 2021, the Company received TSX Venture Exchange approval to amend the expiration date from July 2, 2021 to January 2, 2022. Of the 26,750,000 Warrants granted, a total of 90.71% were exercised. The total $1,836,700 received from the warrant exercise referenced herein has been used to pay down the Company’s debt in the total amount of $743,000, with the remaining to be used for working capital.
The Company refers to its Press Release dated August 26, 2021 and wishes to announce that it has paid down its Debenture of $570,000 (original principal amount of the Debenture), by a further $200,000 leaving a balance due and owing of $200,000 with interest at 6% per annum. The Debenture can be converted into common shares of the Company at $0.15 per share to the date of maturity. Other than the reduction in the principal amount owing, the terms of the Debenture announced August 26, 2021 remain.
Uniserve Communications Corporation is a 2018 TSX Venture top 50 performance company.
Uniserve is a unified communications company which has been in business for 30 years, combining managed IT, voice, data and media services all into one seamless solution, one bill and one point of contact.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
Learn more at www.uniserve.com or at www.sedar.com.
President and CEO
For more information please call 604-395-3961 or email email@example.com.
Neither TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Management has prepared this release and no regulatory authority has approved or disapproved the information contained herein. The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management’s estimates, assumptions and projections using available information. Uniserve cautions that actual financial results could differ materially from the current expectations due to a number of factors.