TORONTO, Oct. 12, 2017 /CNW/ - Clarocity Corporation
(TSXV: CLY OTC: CLRYF) (the "Company" or "Clarocity")
is pleased to announce today the expiry of 52,757,045 warrants and
the automatic exercise, immediately prior to expiry of the
warrants, of the right of warrantholders to put the warrants to
Clarocity in consideration of payment by Clarocity to
warrantholders of $0.0125 per
warrant.
At meetings of warrantholders held on September 12, 2017 (the "Meetings")
warrantholders approved extraordinary resolutions to amend (the
"Warrant Amendments") the warrants to: (a) reduce the
exercise price to $0.132; (b) reduce
the exercise period to 30 days; (c) add the right to put the
warrants to Clarocity in consideration of $0.0125 per warrant; and
(d) automatically exercise the put immediately prior to expiry.
The extraordinary resolutions were approved by over 98% of the
votes cast at the Meetings. Full details regarding the amended
warrants are set out in the Company's management information
circular dated August 14, 2017, which
is available on SEDAR at www.sedar.com.
Exercise by Clarocity of the option to issue common shares to
settle the put consideration is subject to TSX Venture
approval.
No action is required by warrantholders.
Clarocity intends to push out to warrantholders payment of the
put consideration, subject to regulatory and administrative
protocols.
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. 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