Uniserve Announces Director Appointment / Exercise of Warrants Expiring January 2, 2022 / Reduction in Debt
January 18 2022 - 4:55PM
Uniserve Communications
Corporation (the “Company”) is pleased to announce that
Mr. Kwin Grauer has agreed to join its Board of Directors as an
independent Director effective immediately. Kwin is a seasoned
professional in financing, financial modeling and corporate
restructuring with more than 20 years’ experience operating, buying
and selling small and medium sized businesses. Kwin has over 10
years of active board work to go along with his business experience
and has served as Board Member, Audit Committee Chair and Board
Chair for institutional, corporate and not for profit boards.
The Company further wishes to announce that it
has received $15,000 and issued 100,000 common shares during its
quarter ending November 30, 2021, and received a further $1,821,700
and issued 12,144,666 common shares during its third quarter ending
February 28, 2022, from the exercise of Warrants granted pursuant
to its 26,750,000 Unit private placement which closed July 2, 2019.
Pursuant to the 26,750,000 Unit private placement, a total of
26,750,000 Warrants were issued exercisable on a 1:1 basis at $0.12
per share during year one to July 2, 2020, and $0.15 per share
during year two to the date of expiration of July 2, 2021. On May
31, 2021, the Company received TSX Venture Exchange approval to
amend the expiration date from July 2, 2021 to January 2, 2022. Of
the 26,750,000 Warrants granted, a total of 90.71% were exercised.
The total $1,836,700 received from the warrant exercise referenced
herein has been used to pay down the Company’s debt in the total
amount of $743,000, with the remaining to be used for working
capital.
The Company refers to its Press Release dated
August 26, 2021 and wishes to announce that it has paid down its
Debenture of $570,000 (original principal amount of the Debenture),
by a further $200,000 leaving a balance due and owing of $200,000
with interest at 6% per annum. The Debenture can be converted into
common shares of the Company at $0.15 per share to the date of
maturity. Other than the reduction in the principal amount owing,
the terms of the Debenture announced August 26, 2021 remain.
About
Uniserve
Uniserve Communications Corporation is a 2018
TSX Venture top 50 performance company.
Uniserve is a unified communications company
which has been in business for 30 years, combining managed IT,
voice, data and media services all into one seamless solution, one
bill and one point of contact.
This news release was prepared on behalf of the
Board of Directors, which accepts full responsibility for its
contents.
Learn more at www.uniserve.com or
at www.sedar.com.
Kelly WalkerPresident and
CEO
For more information please call 604-395-3961 or
email corporate.relations@uniserveteam.com.
Neither TSX Venture Exchange nor its Regulations
Services Provider (as the term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Management has prepared this release and
no regulatory authority has approved or disapproved the information
contained herein. The statements contained in this news release
that are not historical facts are forward looking statements. Such
statements are based on management’s estimates, assumptions and
projections using available information. Uniserve cautions that
actual financial results could differ materially from the current
expectations due to a number of factors.
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