Extenway Solutions Inc. (TSXV:EY)
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MONTREAL, July 21, 2011 /CNW/ --
Please note that in c6874 transmitted on Thursday, July 21, 2011, the
'For further information' section has been updated. Corrected copy
follows:
Extenway Announces Private Placement Financing and a Commitment in the
Amount of $1.494M from a Major Institutional Fund Manager
MONTREAL, July 21, 2011 /CNW Telbec/ - Extenway Solutions Inc. ("Extenway") (TSXV: EY) is pleased to announce that, subject to TSX Venture
Exchange approval, it has agreed to undertake a prospectus-exempted
private placement of a minimum number of 14,705,883 common shares of
Extenway (each a "Common Share") at $0.17 per Common Share for minimum gross proceeds of $2,500,000
(the "Offering"). The Offering is expected to close on or before September 19, 2011 (the "Closing Date").
Extenway is further pleased to announce that it has received a signed
subscription agreement from a major institutional fund manager pursuant
to which it is committed to invest $1,494,000 in the Offering, subject
to the terms and conditions set out herein.
In the event that Extenway (or any of its subsidiaries) has not entered
into signed agreements on or before the first anniversary of the
Closing Date contemplating the commercialization of its interactive
media solution with hospitals (or other social services institutions)
with respect to no less than 2,000 beds (in the aggregate), investors
in the Offering will be entitled to receive, for no additional
consideration, 0.307692308 additional Common Share for each Common
Share originally subscribed for pursuant to the Offering, rounded up to
the nearest whole number.
The proceeds of the Offering will be used to pay transaction fees and
for working capital purposes.
IBS Capital, s.e.n.c., a Montreal-based Exempt Market Dealer, is acting
as agent for the Offering.
The private placement is subject to the minimum subscription price being
received and to compliance with applicable securities legislation and
to the approval of the TSX Venture Exchange.
All Common Shares issued to purchasers under the Offering will be
subject to a four-month and one (1) day hold period from the Closing
Date, pursuant to securities legislation and the policies of the TSX
Venture Exchange. The Common Shares offered have not been nor will they
be registered under the United States Securities Act of 1933, as
amended, or state securities laws, and may not be offered or sold in
the United States or to an account for the benefit of US persons,
absent such registration or an exemption from registration.
About Extenway Solutions Inc.
Extenway Solutions Inc. (TSX Venture Exchange: EY) (www.extenway.com) provides IT, communications, entertainment and education solutions to
the healthcare sector. Extenway terminals offer a wide range of
integrated content and services, including television, Internet,
Microsoft Office, and video conferencing. The terminals also offer the
possibility of managing patient appointments and regulating a patient's
bedroom environment. Extenway allows healthcare organizations to
optimize the way they manage and coordinate interactions between
patients, medical staff and those working in administration. The
company is based in Baie D'Urfé in the Montreal region of Canada. For
more information, visit www.extenway.com.
Disclaimer - Safe Harbour Forward-Looking Statements
Certain statements contained in this press release constitute
forward-looking statements. These forward-looking statements relate to
the future financial conditions, results of operations or business of
Extenway. These statements may be current expectations and estimates
about the markets in which Extenway operates and management's beliefs
and assumptions regarding these markets. These statements are subject
to important risks and uncertainties which are difficult to predict and
assumptions which may prove to be inaccurate. The results or events
predicted in forward-looking statements may differ materially from
actual results or events. Extenway disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events, or otherwise. In
particular, forward-looking statements do not reflect the potential
impact of any merger, acquisitions or other business combinations or
divestitures that may be announced or completed after such statements
are made.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
To view this news release in HTML formatting, please use the following URL: http://www.cnw.ca/en/releases/archive/July2011/22/c6977.html
p Alexandra Gravelinebr/ Zone franchebr/ 514 371-5715, poste 203br/ a cr="true" href="mailto:agraveline@zonefranche.ca"agraveline@zonefranche.ca/a /p p Mr. David Brownbr/ Chief Financial Officerbr/ Extenway Solutions Inc.br/ 500 Morgan Blvd., Suite 100br/ Baie D'Urfe, QC H9X 3V1br/ Tel: (514) 694-1916br/ Fax: (514) 694-4280 /p