Vince Business Corp.

February 23, 2012 17:25 ET

Press Release

TORONTO, ONTARIO--(Marketwire - Feb. 23, 2012) - On February 22, 2012, Vince Business Corp. (the "Acquiror"), PH 2000 Plaza, Panama City, Panama, acquired 2,777,778 units (each, a "Unit") of TrueContext Mobile Solutions Corporation (the "Corporation") at a price of $0.18 per Unit pursuant to a non-brokered private placement financing of the Corporation (the "Private Placement"). Mercantil Colpatria S.A. of Bogotá, Colombia has beneficial ownership of, or the power to exercise control or direction over the Acquiror.

Each Unit is comprised of one common share in the capital of the Corporation (a "Common Share") and one half of one common share purchase warrant (a "Warrant") of the Corporation. Pursuant to the Private Placement, the Acquiror acquired an aggregate of 2,777,778 Common Shares and Warrants to purchase up to an aggregate of 1,388,889 Common Shares, representing approximately 6.35% of the issued and outstanding Common Shares, calculated on a partially diluted basis (not including the exercise of any other securities convertible into Common Shares owned or controlled by any other holder).

Immediately following the Private Placement, the Acquiror owned an aggregate of 8,333,334 Common Shares and Warrants to purchase up to an aggregate of 4,166,667 Common Shares, representing approximately 19.04% of the Common Shares, calculated on a partially diluted basis (not including the exercise of any other securities convertible into Common Shares owned or controlled by any other holder).

The Common Shares and Warrants were acquired solely for investment purposes. The Acquiror may in the future increase or decrease its ownership of securities of the Corporation from time to time depending upon the business and prospects of the Corporation and future market conditions.

Contact Information

  • Nicolas Duran
    (57) 1 342 1859