MONTREAL, Nov. 21, 2018 (GLOBE NEWSWIRE) — Alphinat Inc. (TSXV: NPA) is pleased to announce that it has issued an aggregate of 12,645,736 Common Shares to Class A and Class B Debentureholders who converted their debentures pursuant to the Corporation’s offer announced in its press release of October 5, 2018. The shares were issued at a price of $0.05 per share (closing price of $0.0325 the day of announcement), being the minimum issuance price pursuant to the TSX Venture Exchange regulations for an aggregate consideration of $632,287.
Furthermore, $72,000 of debentures were repurchased for cancellation by Alphinat with the purchase financed over eight quarterly payments at an interest rate of 12%. An aggregate of $120,000 of debentures were not converted and remain outstanding.
Insiders who converted their Debentures were issued 5,174,536 shares representing approximately 8% of the 63,148,956 shares issued and outstanding shares following the conversion.
The conversion and issuance of shares took place pursuant to the TSX Venture Exchange Shares for Debt Policy 4.3. The Exchange issued conditional approval of the transaction on October 5, 2018. All shares issued are subject to a four month hold period.
About Alphinat
At Alphinat, we are driven by the passion to make application development easy for everyone. We are empowering people with the vision of how a finished application should look and behave to be fully involved from the start of the process. After all, what better way to ensure a favourable outcome than to provide those closest to an application’s end-users with a vested interest in its success throughout its development?
We are constantly working to reduce the need to code in order to make application development and maintenance simpler and less error-prone no matter how complex, enabling both current and legacy infrastructure to outperform.
So whether you choose to develop your applications with the help of our low-code platform SmartGuide®, kick-start your project using one of our pre-built apps or engage us or one of our partners to do the work for you, we’re here to help you deploy better applications in record time. Visit https://www.alphinat.com for more information. We look forward to hearing from you.
Forward-looking statements
Certain statements in this document, including those which express management’s expectations or estimations with regards to the Company’s future performance, constitute “forward-looking statements” as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. A number of factors could cause significant differences between actual results and those described in forward-looking statements. These include, but are not limited to, the Company’s capacity to increase acceptance of its products on the market, and to penetrate new markets; the potential existence of defects or undetected problems in the Company’s products; the Company’s ability to manage its growth; the Company’s ability to compete with others; potential commitments; maintaining the Company’s intellectual property rights and defending against litigation putting those rights in question; the Company’s reliance on the knowledge of its key personnel; and the Company’s access to sufficient capital to finance its future needs. This is a partial and non-exhaustive list of factors that could bear on any of our forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to Alphinat or to any individual expressing them in the name of the Company. The Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances. Risks and uncertainties that bear on the Company are described in greater detail in the Company’s Annual Report.
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.
For further information please contact:
Mr. Curtis Page
Chief Executive Officer
(514) 398-9799 ext 225