VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 4, 2014) - Uniserve Communications Corporation (TSX VENTURE:USS)(the "Company") wishes to announce it has arranged a $1,000,000 financing comprised of a Convertible Debenture and offering of 10,000,000 Units by way of a private placement at $0.05 per unit. The proceeds derived from this financing will be used for general corporate and development purposes. This transaction is subject to TSX Venture Exchange approval.
The Convertible Debenture shall bear interest at 15% per annum and may be repaid by the issuance of shares of the Company at $0.05 per share during year one, and $0.075 per share during year two.
The Units pursuant to the private placement consist of one common share and one transferable share purchase warrant. Every two warrants entitle the holder thereof to purchase one additional common share of the Company at $0.05 per share for a one year period. A finder's fees may be payable in relation to this private placement.
The Company further wishes to announce the appointment of Director Stephen Plant as Chief Financial Officer of the Company, and Mr. Steve Cozine as the Corporate Secretary, replacing Mr. Albert Lim who held those roles since December of 2012. The Company wishes to thank Mr. Lim for his efforts and valued assistance while acting in those roles and looks forward to continuing to work with him in the future as part of our accounting team.
Uniserve Communications Corporation (TSX VENTURE:USS) is a leader in the integration and delivery of voice and data services over multiple IP networks directly or through wholesale partnerships to businesses and retail consumers throughout Canada. Learn more at www.uniserve.com or at www.sedar.com. This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
Joseph Willmott, President & CEO
Neither TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Management has prepared this release and no regulatory authority has approved or disapproved the information contained herein. The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management's estimates, assumptions and projections using available information. Uniserve cautions that actual financial results could differ materially from the current expectations due to a number of factors.