CALGARY, June 28, 2018 /CNW/ - Clarocity Corporation
(TSXV:CLY; OTCQB:CLRYF) (the "Company" or
"Clarocity") today announced that it will issue 16,798,800
common shares to debentureholders in lieu of cash as consideration
for interest payments due May 31,
2018, for the aggregate amount of $419,970.
Under the terms of the Company's indentures dated May 8, 2017 (as supplemented August 8, 2017, April 27,
2018 and April 30, 2017) and
November 14, 2017 (as supplemented
April 30, 2018), debentureholders may
elect to receive settlement of monthly interest payments in the
equivalent of common shares of the Company converted at the greater
of the market price prescribed under the policies of the TSX
Venture Exchange or the volume average trading price for the 5
trading days prior to the interest payment date. The conversion
rate applicable to the May 31, 2018
interest rate payments is $0.025 per
common share. Following the issuance, the Company will have
287,597,399 issued and outstanding shares.
The issuance of the common shares in lieu of interest remains
subject to approval by the TSX Venture Exchange.
About Clarocity Corporation
Clarocity Corporation provides real estate valuation solutions
and platform technologies designed to address today's dynamic
housing market. Our innovative platform is driving the
next-generation of valuation solutions such as MarketValue Pro
(MVP) and BPOMerge and setting new standards in real estate
valuation quality and reliability.
Every day GSE, banking, and investor clients rely on our
proprietary solutions to value assets, fund loans, and securitize
portfolios. As a fully integrated technology and valuation services
company, Clarocity provides a full spectrum of appraisal and
alternative valuation solutions. For more information, visit
www.clarocity.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Information
This news release contains
forward-looking statements which may include financial and business
prospects, as well as statements regarding the Company's future
plans, objectives or economic performance and financial outlooks.
Such statements are subject to risk factors associated with the
real estate industry, the overall economy in both Canada and the
United States. Forward-looking information in this press
release, includes, among other things, information relating to any
applicable approvals required in order to complete the shares for
interest payment which may include, but is not limited to, the
approval of the TSX Venture Exchange. The Company believes that the
expectations reflected in this news release are reasonable but
actual results may be affected by a variety of variables and may be
materially different from the results or events predicted in the
forward-looking statements. Readers are therefore cautioned not to
place undue reliance on these forward-looking statements. In
evaluating forward-looking statements readers should consider the
risk factors which could cause actual results or events to differ
materially from those indicated by such forward-looking statements.
These forward-looking statements are made as of the date hereof,
and unless otherwise required by applicable securities laws, the
Company does not intend nor does it undertake any obligation to
update or revise any forward-looking statements.
This news release does not constitute an offer to sell or
a solicitation of an offer to buy any of the securities in
the United States. The securities
of the Company will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act, and
may not be offered or sold within the
United States or to, or for the account or benefit of U.S.
persons except in certain transactions exempt from the registration
requirements of the U.S. Securities Act)
SOURCE Clarocity Corporation