Still fighting for financing, and nothing happen !!!
ISee3D Announces Debt Financing
Monday, September 12, 2011
(via Thenewswire.ca)
TORONTO, Sept. 12, 2011 - ISee3D Inc. (TSXV: ICT) (the "Company") is pleased to announce that, subject to the approval of the TSX Venture Exchange, it will carry out the second tranche of the financing announced in the Company's press release dated December 6, 2010 (the "Second Tranche"). The Second Tranche will result in proceeds of $650,000 for the Company.
The terms of the Second Tranche remain unchanged from those announced on December 6, 2010, other than that the Company will issue to the lender 133,333 warrants for each $50,000 segment of the $650,000 loan, and these warrants will have an exercise price of
.30.
Furthermore, as payment for its services in relation to the Second Tranche, the Company has agreed to pay to Union Securities Ltd. a fee of 5% of the proceeds received under the Second Tranche, in addition to the issuance to Union Securities Ltd. of 138,666 warrants on terms identical to those granted to the lender for the Second Tranche.
As was announced on December 6, 2010, all warrants issued under the Second Tranche will be exercisable for three (3) years and will be subject to the condition that, should the closing market price of the Company's common shares on the Exchange be at or above
.60 per common share over a period of 21 consecutive trading days at any time that is four months and one day after the closing of the Second Tranche, then the Company may, within 30 days of achieving such trading level, accelerate the expiry of the warrants upon notice given by press release and the warrants will then expire on the 30th day (the "Accelerated Expiry Date") after the date of said press release unless exercised by the holder on or before the Accelerated Expiry Date. As before, all warrants issued under the Second Tranche will be subject to a hold period expiring four months and one day from the date of issuance.
Proceeds from the Second Tranche will be used to fund the Company's marketing programs, establish licensing agreements and for general working capital purposes.
About ISee3D
ISee3D is driving the universal adoption of 3D single lens capture - from consumers and Hollywood to health care and military. The company is introducing the first commercially feasible single lens, single camera 3D capture technology. Scalable in size from one mm in diameter to more than over 250 mm, the patented technology can be applied across many devices.
Through its patented optical switch technology, ISee3D continues to aggressively pursue the best in 3D innovation to ensure an immersive 3D viewing experience, rather than the traditional two lenses or 2D conversion approaches that are the current standard. The company is headquartered in Toronto with and office in Vancouver.