VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 11, 2012) -
"NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH ANY UNITED STATES NEWS DISTRIBUTOR"
Alterrus Systems Inc. (CNSX:ASI)(OTCQB:ASIUF) today announced it's intention to issue 12% Convertible Notes in the sum of $ 275,000.
The offering consists of up to US $275,000 in value of 12% per annum convertible notes with a two year term (the "Note") convertible into up to 3,437,500 units ("Converted Shares") at US $0.08 per share. Each Note has pari passu rights with all other Notes.
The Notes yield interest at 12% per annum on the outstanding balance, compounded annually with accrued interest payable on the maturity date. Such principal and accrued interest are convertible at the option of the holder into Units of the Issuer at US $0.08 per Unit during their two year term, with a Unit consisting of one common share and one half share purchase warrant of the Issuer. One whole warrant ("Warrant") will entitle the holder, on exercise to purchase one additional common share of the Issuer (a "Warrant Share") at a price of US $0.12 per Warrant Share at any time until the close of business on the day which is 3 years from the date of issue of the Note.
For more information visit: www.alterrus.ca.
About Alterrus Systems Inc.
Alterrus is a publicly traded company (CNSX:ASI)(OTCQB:ASIUF) headquartered in Vancouver, Canada. It is a world leader in the development, manufacturing, operation and integration of commercial VertiCrop technology for global markets. Alterrus has created a sustainable vertical growing system that grows fresh, nutritious, leafy green vegetables in urban environments where they are to be consumed.
Safe Harbor for Forward Looking Statements: This press release contains forward-looking information, in that it describes events and conditions which Alterrus Systems Inc. reasonably expects to occur in the future. Forward looking statements in this press release include that we will close a convertible debt financing for $275,000. There are many factors which could prevent these forward looking statements from materializing, including without limitation that investors may not subscribe for sufficient of our securities to close, and we may not agree with potential investors on terms of the placement. The Company disclaims any obligation to update any forward-looking statements.
The CNSX has neither approved nor disapproved the contents of this press release. The CNSX does not accept responsibility for the adequacy or accuracy of this release.