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SmartSales reorganization; private placement
SmartSales Inc SA
Shares issued 11,830,929 Oct 27 close $0.12
Wed 3 Nov 99 News Release
Mr. Donald Parker reports
SmartSales has completed an internal reorganization, including a private
placement in the amount of $600,000 through the sale of five-year
convertible debentures, subject to approval by the Alberta Stock Exchange.
The debentures will be convertible to common shares of the corporation at
10 cents per share. Share-purchase warrants are attached to the debentures,
entitling the holder to purchase one common share of the corporation per
warrant at a price of 10 cents per share, expiring two years after
issuance. The conversion price of the debentures and the exercise price of
the warrants are subject to approval of the Alberta Stock Exchange and in
the event of an adjustment in price, the offering size will remain fixed at
$600,000 but the number of shares issuable upon conversion or exercise will
be adjusted. Both the shares and warrants are restricted from trading
according to the regulations of the Alberta Stock Exchange. The entire
offering was assumed by existing investors.
The funds from the transaction will allow SmartSales to launch a new line
of Internet-based sales opportunity management software products in the
near future.
The financing is part of a corporate reorganization designed to accelerate
revenue growth, particularly from new Internet products. As a result of
this process, the company is pleased to announce changes to the board of
directors.
Gael Mourant, chief financial officer of Roman Corporation Limited, and
Nigel Stokes, chief executive officer of DataMirror Corporation, have been
reappointed to the board. Kevin Harris, a principal with the corporate
finance firm DJ Limited, and Robert Bender, chief executive officer of
Select Therapeutics Inc., have been appointed to the board. Donald Parker
remains president and chief executive officer of the company. As previously
announced in the company's information proxy circular, Peter D'Cruz
resigned from the board, effective June, 1999. |
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