Penfold Capital Acquisition IV Corporation

May 07, 2014 12:24 ET

Penfold Capital Acquisition IV Corporation Issues Additional Series "A" Debentures

TORONTO, ONTARIO--(Marketwired - May 7, 2014) -


Penfold Capital Acquisition IV Corporation (the "Company") (TSX VENTURE:SEL) is pleased to announce that, further to its press release dated April 2, 2014, it has issued an additional $433,00 of Series "A" 12% convertible debentures (the "Debentures") of which two (2) insiders of the Company subscribed for an aggregate of $201,000 of Debentures. The Debentures have the following features:

  • convertible, at the option of the holders, into common shares in the capital of the Company at a conversion price of $0.15 per common share;
  • maturity date of April 30, 2017;
  • RRSP, RRIF, RESP, RDSP, TFSA and DPSP eligible; and
  • annual interest rate of 12% payable on a quarterly basis.

The Company has agreed to pay a cash commission of $16,240 to Foster & Associates Financial Services Inc. ("Foster") in connection with the issuance of the Debentures. In addition, the Company issued an aggregate of 108,267 broker warrants (the "Broker Warrants"). Each Broker Warrant entitles Foster to acquire one (1) common share, subject to adjustment therein, at an exercise price of $0.15 at any time until April 30, 2016.

About Penfold Capital Acquisition IV Corporation

The Company, through its wholly owned subsidiary SLM Logistics Corporation, is dedicated to managing consumer and retail store returns and problematic electronics through a product management system. The Company manages product warranties, returns from receiving to end-of-life with quality assurance testing, factory servicing, resale through non-traditional channels and recycling of non saleable product to support a closed-loop distribution process. The Company is able to recycle the non-saleable returns it receives, thereby allowing customer returns to have a very low environmental impact. Independent Waste Audit Reports, since 2011, show the Company is able to achieve a consistent waste diversion rate of over 98.6%. This means brands using the Company's processes are able to divert over 98.6% of their product from landfill. The Company is currently working on rolling out this product offering to retailers to allow them to capture the environmentally conscious consumer. The Company currently operates only in Ontario.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the state of the financial markets for the Company's securities; the state of the industry; recent market volatility; the Company's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that the Company is unaware of at this time. The Company expressly disclaims any obligation to update any forward-looking statements except as may be required by law.

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