|By PR Newswire||
|August 5, 2014 06:06 PM EDT||
TORONTO, Aug. 5, 2014 /CNW/ - This press release is being disseminated by Gravitas Financial Inc. ("Gravitas"), 333 Bay Street, Suite 650, Toronto, ON, M5K 2R2, as required by National Instrument 62‐103 The Early Warning System and Related Take Over Bids and Insider Reporting Issues in connection with the filing of an early warning report regarding the acquisition of common shares of The Mint Corporation ("Mint"), 2380 Wyecroft Road, Unit 4B, Oakville, ON L6L 6W1.
Gravitas announced today that on July 31, 2014 it exercised its conversion right with respect to the principal amount of $295,412 (the "Converted Amount") of a 12% convertible subordinate secured debenture with Mint in the principal amount of $3.0 million (the "Convertible Loan"). The Converted Amount was converted into 5,908,240 common shares at a price of $0.05 per share, representing 18% of the issued and outstanding common shares of Mint. Following such conversion, $2,326,508 is outstanding to Mint under the Convertible Loan.
The balance of the Convertible Loan is convertible (the "Conversion Right"): (a) during the period ending November 25, 2014, at a price of $0.05 per share with respect to $1,204,588 (excluding the Converted Amount) and at a price of $0.055 per share with respect to the balance (of which $1,121,920 was advanced on March 29, 2014), and (b) thereafter until November 25, 2015, at a price of $0.10 per share. Interest is payable on the Convertible Loan at 12% per annum and Gravitas may elect to convert any outstanding interest into common shares, subject to TSX Venture Exchange approval and at the lowest price permitted under stock exchange rules.
Taking into account the change in exercise price on November 25, 2014 and the existing Convertible Amount, and assuming there is no conversion of interest into common shares, Gravitas could exercise the conversion right under the Convertible Loan to receive (a) before November 25, 2014, up to an additional 21,127,199 common shares (representing 27,035,439 common shares or 50.1% of the common shares after conversion and inclusive of the common shares issued upon exercise of the Converted Amount), and (b) after November 25, 2014, up to an additional 12,701,481 common shares (representing a total of 39,736,919 common shares, being 59.6% of the outstanding common shares, after conversion and inclusive of the common shares issued upon exercise of the Converted Amount). The above calculations are based on there currently being 26,927,513 common shares of Mint issued and outstanding. The hold period associated with the Convertible Loan has expired.
Any accrued interest on the Convertible Loan may also be converted into common shares at the greater of the price applicable to the outstanding principal and the Market Price (as determined under TSX Venture Exchange policies) at the time of conversion. These common shares would be subject to a regulatory resale restriction of 4 months and 1 day from the date of issuance.
This transaction is exempt from the formal take-over provisions of the Securities Act (Ontario) pursuant to section 100.1(1) of the Act. The securities were acquired for investment purposes and, subject to the above restrictions, Gravitas may increase or decrease its beneficial ownership or control depending on market or other conditions.
A copy of the Early Warning Report may be found on www.SEDAR.com.
The issuance of this news release is not an admission that an entity named in the news release owns or controls any described securities or is a joint actor with another named entity.
ABOUT GRAVITAS FINANCIAL INC.
Gravitas is a public financial services, research and analytics company based in Toronto, Canada, which provides capital market services to private and public company clients. Through its portal www.smallcappower.com, it provides information to corporate and individual investors.
SOURCE Gravitas Financial Inc.
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Oct. 21, 2016 12:45 PM EDT Reads: 1,320
SYS-CON Events announced today that MathFreeOn will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MathFreeOn is Software as a Service (SaaS) used in Engineering and Math education. Write scripts and solve math problems online. MathFreeOn provides online courses for beginners or amateurs who have difficulties in writing scripts. In accordance with various mathematical topics, there are more tha...
Oct. 21, 2016 12:15 PM EDT Reads: 860
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
Oct. 21, 2016 12:00 PM EDT Reads: 8,041
SYS-CON Events announced today that Cemware will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Use MATLAB functions by just visiting website mathfreeon.com. MATLAB compatible, freely usable, online platform services. As of October 2016, 80,000 users from 180 countries are enjoying our platform service.
Oct. 21, 2016 12:00 PM EDT Reads: 670
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
Oct. 21, 2016 11:00 AM EDT Reads: 911
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Oct. 21, 2016 10:50 AM EDT Reads: 183
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Oct. 21, 2016 10:45 AM EDT Reads: 1,634
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
Oct. 21, 2016 10:30 AM EDT Reads: 530
SYS-CON Events announced today that Transparent Cloud Computing (T-Cloud) Consortium will exhibit at the 19th International Cloud Expo®, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The Transparent Cloud Computing Consortium (T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data proces...
Oct. 21, 2016 10:30 AM EDT Reads: 1,222
Governments around the world are adopting Safe Harbor privacy provisions to protect customer data from leaving sovereign territories. Increasingly, global companies are required to create new instances of their server clusters in multiple countries to keep abreast of these new Safe Harbor laws. Is it worth it? In his session at 19th Cloud Expo, Adam Rogers, Managing Director of Anexia, Inc., will discuss how to keep your data legal and still stay in business.
Oct. 21, 2016 10:15 AM EDT Reads: 1,372
Successful transition from traditional IT to cloud computing requires three key ingredients: an IT architecture that allows companies to extend their internal best practices to the cloud, a cost point that allows economies of scale, and automated processes that manage risk exposure and maintain regulatory compliance with industry regulations (FFIEC, PCI-DSS, HIPAA, FISMA). The unique combination of VMware, the IBM Cloud, and Cloud Raxak, a 2016 Gartner Cool Vendor in IT Automation, provides a co...
Oct. 21, 2016 09:30 AM EDT Reads: 1,124
Today every business relies on software to drive the innovation necessary for a competitive edge in the Application Economy. This is why collaboration between development and operations, or DevOps, has become IT’s number one priority. Whether you are in Dev or Ops, understanding how to implement a DevOps strategy can deliver faster development cycles, improved software quality, reduced deployment times and overall better experiences for your customers.
Oct. 21, 2016 09:30 AM EDT Reads: 430
Donna Yasay, President of HomeGrid Forum, today discussed with a panel of technology peers how certification programs are at the forefront of interoperability, and the answer for vendors looking to keep up with today's growing industry for smart home innovation. "To ensure multi-vendor interoperability, accredited industry certification programs should be used for every product to provide credibility and quality assurance for retail and carrier based customers looking to add ever increasing num...
Oct. 21, 2016 09:15 AM EDT Reads: 258
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...
Oct. 21, 2016 08:45 AM EDT Reads: 1,367
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Oct. 21, 2016 08:45 AM EDT Reads: 11,119