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TORONTO, ONTARIO--(Marketwire - Aug. 15, 2011) - SeaMiles Limited ("SeaMiles" or the "Company") (TSX VENTURE:SEE), North America's premier cruise loyalty provider, announced today that it has entered into an agreement to raise $1,000,000 by way of a private placement of convertible debt. The convertible debt will have a three year term and bear interest at 10% per annum. The debt is convertible, in whole or in part, into common shares of the Company at a conversion price of $0.50 per share. In connection with the financing, the Company will also issue 1,000,000 common share purchase warrants to the holder of the convertible debt to purchase common shares of the Company at an exercise price of $0.10 per share at any time during the next three years. The lender is a related party of the Company. These transactions are subject to the approval of the TSX Venture Exchange. |
