TORONTO, ONTARIO--(Marketwired - Nov. 17, 2014) - Cancore Enterprises Inc. ("Cancore"), a company wholly-owned and controlled by Steve Kozar, acquired, on November 11, 2014, 4,145,306 units (the "Units") of iSIGN Media Solutions Inc. (the "Company") at a price of $0.16 per Unit. Each Unit is comprised of one common share of the Company (a "Unit Share") and one common share purchase warrant (a "Warrant"). Each Warrant is exercisable to acquire one common share of the Company (a "Warrant Share") for a period of two years following the date of issuance of the Warrant at an exercise price of $0.24 per Warrant Share, subject to adjustment in certain events. The acquired Unit Shares represent approximately 4.5% of the currently issued and outstanding common shares of the Company (the "Common Shares"). Additionally, 4,145,306 Warrant Shares are issuable upon exercise of the Warrants, which, if issued, together with the Unit Shares would represent 8.7% of the currently issued and outstanding Common Shares on a partially diluted basis.
After giving effect to the acquisition, Mr. Kozar owns or has control or direction, directly or indirectly, over an aggregate of: (i) 6,775,998 Common Shares, representing approximately 7.4% of the issued and outstanding Common Shares (on a non-diluted basis); and (ii) 4,811,972 warrants to acquire Common Shares. Assuming exercise of all warrants to acquire Common Shares, Mr. Kozar would directly or indirectly exercise direction and control over an aggregate of 11,587,970 Common Shares, representing approximately 11.3% of the then issued and outstanding Common Shares (on a partially-diluted basis).
Mr. Kozar acquired the securities of the Company for investment purposes. Mr. Kozar has no present intention of acquiring, directly or indirectly, other securities of the Company, or disposing of any of the securities of the Company he currently holds, directly or indirectly.
The Company relied on an exemption from the prospectus requirements of securities legislation provided for under section 2.3 of National Instrument 45-106 Prospectus Exempt Distributions ("NI 45-106") which provides that the prospectus requirement does not apply to a distribution of a security of an issuer to an "accredited investor" (as such term is defined in NI 45-106).
A copy of the early warning report filed by Cancore pursuant to applicable securities laws may also be found on the Company's continuous disclosure record at www.sedar.com.
Contact Information:
(905) 971-8835