TORONTO, April 28, 2022 (GLOBE NEWSWIRE) -- iSIGN Media Solutions Inc. (“iSIGN” or “Corporation”) (TSX-V: ISD) (OTC: ISDSF), a leading provider of interactive mobile proximity marketing and public security alert solutions is pleased to announce that it has signed a two-year convertible note in settlement of a previous convertible debt and related interest totaling $324,404.
Under the terms of this convertible note, the debt will be converted, at the option of the Noteholder, into 6,488,080 common shares on the Corporation at a price of $0.05 per share in the first year and $0.10 in the second year. The Corporation has also agreed to grant to the holders of the convertible New Debenture 6,488,080 warrants exercisable at $0.0625 per share for a period of two years, from the date of issuance of the debenture. The new debenture will bear interest at 12% per annum, payable upon maturity.
The Company anticipates closing the debenture as soon as practicable, subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
This concludes the Corporation’s transfer of all current debt into long-term debt and provides the Corporation with immediate payment relief while it continues with its business plan and moving forward with its new technology