ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

XRM Xrm Global

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
Xrm Global TSXV:XRM TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

xRM Global Secures Term Loan

11/05/2010 1:00pm

Marketwired Canada


NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


xRM Global Inc. ("xRM Global" or the "Company") (TSX VENTURE:XRM), which has
developed and operates the xRM Utility for some of the largest global
enterprises, is pleased to announce that it has secured a term loan from two
arm's length lenders (the "Lenders") in the aggregate principal amount of
CDN$250,000 (the "Loan"). The purpose of the Loan is to fund xRM Global's market
launch into the Canadian wealth management sector and general working capital
requirements.


The Loan will bear interest at the rate of 15% per annum with interest payable
monthly in arrears. The maturity date of the Loan is twelve months. As further
consideration for the Loan, xRM Global will, in accordance with the policies of
the TSX Venture Exchange (the "Exchange"), issue an aggregate of 240,000 common
share purchase warrants (the "Warrants") to the lenders. Each Warrant will
entitle the holder to purchase, subject to adjustment in accordance with its
terms, one common share in the capital of xRM Global at an exercise price of
$0.52. The Warrants will expire no later than the maturity date of the Loan.


In connection with the Loan, xRM Global will pay a finder's fee to Global
Arabian Company WLL (the "Finder"), which fee will be paid through the issuance
of 24,038 common share purchase warrants to the Finder (the "Finder Warrants").
Each Finder Warrant will entitle the holder to purchase, subject to adjustment
in accordance with its terms, one common share in the capital of xRM Global at
an exercise price of $0.52. The Finder Warrants will be exercisable at any time
until the date that is twenty-four months following the date of issuance
thereof. 


Pursuant to applicable Canadian securities laws, the Warrants and Finder
Warrants, and any common shares purchasable thereunder, will be subject to a
four month hold period from the date of issuance.


The Lenders will be granted a general security interest in the present and
future undertaking, property and assets of the Company.


The Loan is subject to certain conditions including, but not limited to, the
receipt of all necessary approvals, including the approval of the Exchange and
securities regulatory authorities.


The following is a description of the Lenders:



------------ -------------- -------------- -------------- ------------------
Lender Name       Amount of Bonus Warrants Bonus Warrants     Bonus Warrants
                    Advance        Granted Exercise Price     Term to Expiry
------------ -------------- -------------- -------------- ------------------
Dana            CDN$100,000         96,000          $0.52       May 6, 2011,
 Investment                                                       subject to
 Company                                                    repayment of the
                                                          advance or portion
                                                                     thereof
------------ -------------- -------------- -------------- ------------------
Abdulaziz       CDN$150,000        144,000          $0.52       May 6, 2011,
 Abdullah                                                         subject to
                                                            repayment of the
                                                          advance or portion
                                                                     thereof
------------ -------------- -------------- -------------- ------------------



In the event that xRM Global completes an arm's length equity financing during
the term of the Loan (an "Equity Financing"), xRM Global will pay to the lenders
the amount of the Equity Financing that is in excess of $300,000 or the then
outstanding amount of the Loan, whichever is less.


The securities offered and issued have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities in
any State in which such offer, solicitation or sale would be unlawful. 


About xRM Global Inc. 

xRM Global empowers people within the enterprise to achieve "high-touch,
high-trust" interactions dramatically improving overall financial performance
and building highly interactive social networks. This relationship centric
automation is performed on xRM Global's On-Demand Enterprise 2.0 relationship
management utility (the "xRM Utility"). The xRM Utility captures the best and
most innovative practices of each industry and deploys them on a global basis
enabling the transformation of an entire enterprise from a "Command & Control"
structure to a "High-touch, High-trust" culture. People now have the freedom to
focus on building and managing relationships, both internally and externally,
which are integral to the enterprise. Best Practices are developed globally and
are published in the Best Practices Marketplace within the xRM Utility allowing
our customers to rapidly deploy new products and services locally and
internationally without the large expense of systems discovery and development.
Best practices are developed for internal and external relationship management
as well as for the entire enterprise within industry verticals such as
insurance, wealth management and telecom. Additional information about xRM
Global can be found at www.xrmglobal.com and at www.sedar.com. 


Forward-looking statements

This news release includes certain forward-looking statements within the meaning
of Canadian securities laws. Forward-looking statements involve risks,
uncertainties and other factors that could cause actual results, performance,
prospects and opportunities to differ materially from those expressed in such
forward-looking statements. Forward-looking statements in this news release
include, but are not limited to, economic performance and future plans and
objectives of xRM Global. Any number of important factors could cause actual
results to differ materially from these forward-looking statements. Although xRM
Global believes that the assumptions and factors used in making these
forward-looking statements are reasonable, undue reliance should not be placed
on these statements, which only apply as of the date of this news release, and
no assurance can be given that any such events will occur in the disclosed
timeframes or at all. xRM Global disclaims any intention or obligation to update
or revise any forward-looking statement, whether as a result of new information,
future events or otherwise.


1 Year Xrm Global Chart

1 Year Xrm Global Chart

1 Month Xrm Global Chart

1 Month Xrm Global Chart