iLOOKABOUT Corp. Announces Conversion of Unpaid Dividends to Common Shares
April 03 2014 - 10:19AM
Marketwired
iLOOKABOUT Corp. Announces Conversion of Unpaid Dividends to Common
Shares
LONDON, ONTARIO--(Marketwired - Apr 3, 2014) - iLOOKABOUT Corp.
(TSX-VENTURE:ILA) ("iLOOKABOUT" or "the Company") announced today
that, subject to the approval of the TSX Venture Exchange, the
Company will issue 99,482 Common Shares to settle $19,897 of
accrued dividends on its Series 1 Preference Shares (the
"Preference Shares"). In March 2012, the Company issued 750,000
Preference Shares by way of a private placement. The Preference
Shares provide for settlement of unpaid dividends by the issuance
of the Company's common shares instead of cash at the option of the
holder. iLOOKABOUT has received notices to convert unpaid dividends
totaling $19,897 from twelve Preference Share holders, seven of
which are currently insiders of the Company. The dividend
conversion rate is the aggregate amount of accrued dividends to be
converted, divided by the market price of the Company's common
shares on the business day before such conversion right is
exercised. The closing market price of the Company's common shares
on March 31, 2014 was $0.20, representing the closing market price
on December 18, 2013, being the date that the Company's common
shares were halted from trading due to the Company's announcement
of a proposed business combination transaction.
About iLOOKABOUT
iLOOKABOUT is a
visual and data intelligence company serving commercial enterprise
in the real estate, insurance, municipal, utility, assessment and
appraisal sectors in North America and Europe. iLOOKABOUT is a
pioneer in visual and data intelligence with its StreetScape™ and
Virtual Tour products. StreetScape is a visual and data
intelligence product for the geo-spatial market, providing
panoramic, comprehensive, street level perspective visual data,
geo-coded with latitude and longitude coordinates for accuracy and
supported by patented software processes and proprietary security
and storage systems. The Company has also launched GeoViewPort™, a
web-based Geographic Information System (GIS) application that
enables the federation of additional value added data such as
validated addresses, aerial imagery, property values, property
attributes, etc. with StreetScape imagery. Headquartered in London,
Ontario, Canada, iLOOKABOUT's common shares are traded on the TSX
Venture Exchange under the symbol ILA.
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.
iLOOKABOUT Corp.Robin
DysonCFO1.866.963.2015robin.dyson@ilookabout.comwww.ilookabout.com
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