Rights offering
Is this is a scam or are the new guys formulating a plan to make this dead turkey rise up. Now wouldn't that be the talk of the (financial) town. What's your thoughts Johnny? snowtrac ... . . TORONTO, ONTARIO--(Marketwired - Feb. 8, 2016) - Unique Broadband Systems, Inc. ("UBS" or the "Company") (NEX:UBS.H) today announced that it will be offering rights (the "Rights Offering") to holders of its common shares (the "Common Shares") of record at the close of business on February 25, 2016 (the "Record Date"). The rights issued under the Rights Offering (the "Rights") will expire on March 25, 2016 (the "Rights Expiry Date"). The Rights Offering will be conducted in all of the provinces of Canada. Each registered shareholder of Common Shares on the Record Date will receive one (1) Right for each Common Share held by such shareholder. Two (2) Rights plus the sum of $0.01 will entitle the Rights holder to subscribe for one Common Share. The Rights issued under the Rights Offering will be evidenced by transferable rights certificates (each, a "Rights Certificate"), and will expire at 4:30 p.m. (Toronto time) on the Rights Expiry Date, after which time unexercised Rights will be void and of no value. UBS has applied for a waiver of the NEX requirement to list the Rights. Eligible shareholders are entitled to subscribe for additional Common Shares, subject to certain limitations set out in the Company's rights offering circular (the "Rights Offering Circular"). A copy of the Rights Offering Circular will be filed on www.sedar.com, together with a rights offering notice (the "Rights Offering Notice"). The Rights Offering Notice and accompanying Rights Certificate will be mailed to each of the eligible shareholders of the Company on the Record Date. Registered shareholders wishing to exercise their Rights must forward the completed Rights Certificates, together with the applicable funds to Equity Financial Trust Company, the rights agent of the Company, on or before the Rights Expiry Date. Shareholders who own their Common Shares through an intermediary, such as a bank, trust company, securities dealer or broker, will receive materials and instructions from their intermediary. A fully subscribed Rights Offering is expected to generate gross proceeds of approximately $480,000. It is expected that up to $240,000 will be available to the Company for general corporate purposes after deducting anticipated expenses for the Rights Offering and repayment of outstanding indebtedness of the Company. While the Company intends to spend the available funds as described, there may be circumstances where, for sound business reasons, a reallocation of the available funds may be necessary. In any event, the available funds will be used by the Company in furtherance of its business. About Unique Broadband Systems, Inc. UBS' shares are listed on the NEX under the symbol "UBS.H". More information on UBS can be found at www.sedar.com. The corporate information contained in this release includes forward-looking statements regarding future events and the future performance of UBS that involve risks and uncertainties that could cause actual results to differ materially. Assumptions used in the preparation of such information, although considered reasonable by UBS at the time of preparation, may prove to be incorrect. The actual results achieved may vary from the information provided herein and the variations may be material. Consequently, there is no representation by UBS that actual results achieved will be the same in whole or in part as those forecast. Neither the NEX nor its Regulation Services Provider (as that term is defined in the policies of the NEX) accepts responsibility for the adequacy or accuracy of this release. . .Contact:. .Daniel S. Marks Interim Chief Executive Officer (905) 660-8100