iSIGN Media Solutions Inc. (“iSIGN” or “Company”) (TSX-V: ISD) (OTC: ISDSF), a leading provider of interactive mobile proximity marketing and public security alert solutions announced it has received final approval from the necessary regulatory agency to close its previously announced debt settlement arrangement (“Arrangement”) with various individuals for $110,000.
The Company has completed the Arrangement by issuing 2.2 million Units at a price of $0.05 per Unit. Each Unit consists of one Common Share of the Company (each a “Common Share” and collectively, the “Common Shares”) and one common share purchase warrant (each warrant referred to herein as a “Warrant” and collectively, the “Warrants”).
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Each Warrant will entitle the holder to purchase one Common Share at a price of $0.075 for a period of 24 months from the date of closing. All securities issued would be subject to a four month hold period, ending December 28, 2021.
The Company agreed to satisfy this outstanding indebtedness with shares to preserve the Company’s cash for software development and operational purposes.
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