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Lyrtech announces a new private placement and a correction to July 6, 2010 press release

^{Published on 2010-07-09 12:55:47 - Market Wire}
 

 Lyrtech Inc. ("Lyrtech" or the "Company") (TSX-V: LTK), a firm specializing in digital signal processing technologies, announces that it has concluded a convertible debenture financing of $250,000 (the "Debenture") with Finexcorp Inc. (the "Holder") and a private placement of $111,250. The proceeds of these placements will be used as repayment of another convertible debenture currently due amounting to $250,000 and as working capital of the Company. The placements are subject to the approval of the regulatory authorities. The Debenture will have a two-year term following its issue, bearing an annual interest rate of 10 %, and will be convertible into Lyrtech common shares at $0.10 per share. The Holder of this new convertible debenture, Finexcorp, is based in the Province of Quebec, and is a private, independent asset-based financing company offering an entire range of working capital solutions ([ www.finexcorp.ca ]). Moreover, Lyrtech has concluded a new financing through a private placement of units, for an amount of $111,250 and 1,589,286 units. Each unit is comprised of one common share of Lyrtech at a price of $0.07 and one warrant. Each whole warrant entitles the Holder to acquire one common share of the Company, at a price of $0.10 per share for a period of 12 months following the closing date. "We are proud of Finexcorp's continued trust in Lyrtech's projects and future. Finexcorp continues to be a great partner through this new financing and its flexible working capital solutions," stated Louis Bélanger, president and chief executive officer of Lyrtech. The securities issued under these placements will be subject to a restricted period on resale for four months and one day.