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| Home : VRX Worldwide Announces Financing to Meet Increasing Demand for MediaValet |
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Aug 16
2011 |
VRX Worldwide Announces Financing to Meet Increasing Demand for MediaValet |
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 15, 2011) - VRX Worldwide Inc. (TSX VENTURE:VRW) is pleased to announce a proposed non-brokered private placement offering of up to $250,000 convertible subordinated debenture (the "Offering") to be closed by September 30, 2011. The debentures will have a 36-month term, be convertible into common shares of VRX Worldwide at a price equal to the greater of $0.15 per share or the amount which is calculated by taking a 25% discount to market price, provided that at no time shall such price exceed $0.55 per share. The debentures will bear interest at 12% per annum, calculated and paid quarterly. VRX Worldwide may redeem all or a part of any outstanding debentures prior to the maturity date by paying a premium of (i) 5% during the first year, (ii) 3% during the second year, and (iii) 2% during the third year. The debentures and any common shares of VRX Worldwide issued on conversion of the debentures will be subject to a four (4) month hold period starting from the date of issuance of the debentures. |
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| Source:http://www.marketwire.com/mw/release.do?id=1549858&sourceType=3 |
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