iSIGN Media Announces A Promissory Note Extension and Related Interest Terms
/EIN News/ -- TORONTO, June 05, 2020 (GLOBE NEWSWIRE) -- iSIGN Media Solutions Inc. (“iSIGN” or “Company”) (TSX-V: ISD) (OTC: ISDSF), a leading provider of interactive mobile advertising solutions that serves brands, commercial locations, retailers and service providers throughout North America today announced the extension to the due date of a promissory note (“Note”) with Korona Group Ltd. originally entered into during August 2017 and extended in January 2019.
The Note matured on January 31, 2020 and the parties have agreed to an extension of the due date to June 30, 2021. Additionally, the parties have agreed that the interest on the additional term will be by way of a warrant bonus, with the number of warrants being 12,014,000. Calculation of the number of warrants is based on the $600,700 value of the Note and the warrant exercise price of $0.05. The warrants will have a term that matches the due date of the Note, June 30, 2021 and cannot be extended. When exercised, each warrant will allow for the purchase of one common share of iSIGN.
The Company elected to satisfy this outstanding indebtedness with warrants in order to preserve its cash for operational purposes.
This arrangement is subject to the approval of the TSX Venture Exchange (“Exchange”). The Company will issue these warrants once approval has been received from the Exchange.
About iSIGN Media
iSIGN, a Canadian company based in Toronto (Richmond Hill), Ontario is a data-focused, software-as-a-service (SaaS) company that is a pioneering leader in the areas of location-based security alert messaging and proximity marketing utilizing Bluetooth® and Wi-Fi connectivity in complete privacy. Creators of the Smart suite of products, a patented interactive proximity marketing technology, iSIGN enables the delivery of messages to mobile devices in proximity, with real-time reporting and analytics on a variety of metrics. 2019 winner of Richmond Hill’s Innovator of the Year award. Partners include IBM, Keyser Retail Solutions, Baylor University, Verizon Wireless, TELUS and Mtrex Network Solutions. www.isignmedia.com
© 2020 iSIGN Media Solutions Inc. All Rights Reserved. All other trademarks and trade names are the property of their respective owners.
Investor contacts:
Bruce Reilly
iSIGN Media Solutions Inc.
bruce@isignmedia.com
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