Uniserve Announces Restructured Debt And Anticipated Closing Of Private Placement
VANCOUVER, British Columbia, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Uniserve Communications Corporation (TSX-V: USS) (the “Company”) wishes to announce it has amended the terms of its $570,000 Debenture (original principal amount of the Debenture). The amendment reduces the principal amount outstanding to $400,000, reduces the interest rate charged to 6%, with interest payable monthly, and extends the term for an additional two years. The Debenture can be converted into shares at $0.15 per share to the date of maturity.
Further, the Company announces that it has reduced the interest rate on a $500,000 Note from 9% to 6% per annum and has reduced the interest rate on $300,000 of Notes from 3.5% to 3% per annum.
The Company further announces that it is proceeding with its 7,000,000 Unit private placement, offered at $0.10 per Unit, as announced in its June 8, 2021 and July 28, 2021 Press Releases, and anticipates closing within the next two weeks, subject to TSX Venture Exchange approval. The terms of the placement remain unchanged as announced July 28, 2021.
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 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.
President and CEO
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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.