Science & Technology
Tue, July 17, 2012Mon, July 16, 2012Sun, July 15, 2012Fri, July 13, 2012Thu, July 12, 2012Wed, July 11, 2012Tue, July 10, 2012Mon, July 9, 2012Sun, July 8, 2012Fri, July 6, 2012Zaio Corporation Issues 162,782 Shares to Debenture Holders
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Published in Science and Technology on Wednesday, July 11th 2012 at 11:42 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
July 11, 2012 14:33 ET
Zaio Corporation Issues 162,782 Shares to Debenture Holders
Holders of 66 Percent of the Debentures Elect to Receive Shares in Lieu of Cash
CALGARY, ALBERTA--(Marketwire - July 11, 2012) -
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Zaio Corporation (TSX VENTURE:ZAO) (the "Company") announced today that it has issued 162,782 shares to debenture holders who elected to receive common shares in lieu of cash as consideration for interest payments amounting to $73,425 due June 30, 2012.
Under the terms of the debentures, which were issued June 15, 2011, holders may elect to receive settlement of quarterly interest payments in the equivalent common shares of the Company converted at the average trading price for the 20 trading days prior to the interest payment date. The conversion rate applicable to the June 30, 2012 interest payment was $0.451 per common share. Share certificates will be issued to the electing debenture holders on June 11, 2012. Following the issuance the Company will have 32,698,864 issued and outstanding shares.
The debenture holders electing to receive common shares as settlement of their interest payments in lieu of cash represent approximately 66 percent of the principal amount outstanding under the debentures.
For further information visit [ www.zaio.com ].
About Zaio Corporation
Zaio provides customers in the property valuation, underwriting and lending industries with real-time access to certified appraisal reports from the Company's patented database of proactively maintained residential property valuations prepared by licensed appraisers across the United States. The Company's products are available in the United States through its Licensee, Zone Data Systems LLC.
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).
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.
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.
