Advantex Shares to Be Listed on CNSXAdvantex Shares to Be Listed on Canadian National Stock Exchange3/1/2011 4:55:35 PM - Market Wire
Advantexannounces: - Listing of its Shares on the CNSX and Delisting from TSXVenture Exchange, and - Renewal of its Non-convertible and ConvertibleDebentures
TORONTO, ONTARIO, Mar 01, 2011 (MARKETWIRE via COMTEX News Network) --
AdvantexMarketing International Inc. (TSX VENTURE: ADX) ("Advantex" or the"Company"), a leading specialist in merchant funding and loyaltymarketing programs, today announced that it has received final approvalto list its common shares on the Canadian National Stock Exchange("CNSX"). The Company has notified the TSX Venture Exchange ("TSXV") ofits intent to delist its common shares from the TSXV on or about March14, 2011. The Company expects that the transition between the TSXV andthe CNSX will be completed in a seamless manner.
The Company hasalso received approval from the CNSX to proceed with the renewal of theNon-convertible Debentures that matured December 31, 2010 as well as theearly renewal of the Convertible Debentures that matures December 9,2011 (collectively "Debentures"), on the terms and conditions describedbelow and has entered into a term sheet with Trapeze Capital Corporationto that effect. At a Special and Annual meeting held on December 21,2010 a majority of shareholders, including a majority of thedisinterested shareholders of the Company, approved the renewal of theDebentures on such terms. The Company expects to complete the renewal ofthe Debentures shortly after the listing of its common shares on theCNSX.
Renewal of Non-Convertible and Convertible Debentures
TheCompany expects to renew up to $2.665 million face value worth ofNon-convertible Debentures. The Non-convertible Debentures will continueto bear interest at 14% per annum and the maturity date will beSeptember 30, 2013. Each debenture, of face value $1,000, will continueto have attached 1,975 common share purchase warrants. Each warrant willentitle the holder to purchase one common share of the Company at anexercise price of
.04 per share during the term of such debenture.
TheCompany expects to renew up to $6.0 million face value worth ofConvertible Debentures. The Convertible Debentures will be exchanged forNon-convertible debentures that will bear interest at 12% per annum andwill mature on September 30, 2013. Each new debenture, of face value$1,000, will have attached 14,151 common share purchase warrants. Eachwarrant will entitle the holder to purchase one common share of theCompany at an exercise price of
.04 per share during the term of suchdebenture.
The Company also expects to issue an additional500,000 common share purchase warrants to Trapeze Capital Corporation inconnection with such renewal. Each warrant will entitle the holder topurchase one common share of the Company at an exercise price of
.04per share. These warrants will expire two years from the date that theyare issued.
The Company will also be communicating with thecurrent holders of the Debentures to finalize, as applicable, theirrenewal or redemption together with payment of interest to date ofredemption.