LONDON, ON--(Marketwired - March 31, 2015) - iLOOKABOUT Corp. (
The Company also announced that it received notices from certain Preference Shareholders to convert 357,500 (of which 232,500 was that of current Insiders of the Company) Preference Shares into Units. The Preference Shares were convertible at the option of the holder at a conversion rate of 1/0.31 (being approximately 3.226) Units per share up to 5:00 p.m. on March 30, 2015. Each Unit consists of one Common Share and one-half of a Warrant to purchase one Common Share at an exercise price of $0.31 per full Warrant, which Warrants are exercisable until March 30, 2017, subject to certain earlier exercise requirements in specified circumstances. The Company will issue 1,153,223 Common Shares and 576,611.5 Warrants to satisfy the conversion requests received.
Finally, the Company has also received notices from certain Preference Shareholders to redeem 335,000 Preference Shares held by them for an aggregate amount of $346,952. The Preference Shares are redeemable at the option of the holder on at least 30 days' notice at a Redemption Amount of $1.00 per Preference Share, plus accrued but unpaid dividends. The Company will complete such redemptions on April 10, 2015.
After giving effect the above-mentioned conversions and redemptions, there would be a balance of 57,500 Preference Shares outstanding.
Given this reduced number of Preference Shares that would remain outstanding, the Company has determined that it will redeem the final 57,500 Preference Shares for an aggregate Redemption Price of $59,039, which includes accrued but unpaid dividends to April 10, 2015.
About iLOOKABOUT
iLOOKABOUT is a data analytics and visual intelligence company focused on real property, serving primarily the property assessment, property taxation, municipal, insurance, and appraisal sectors, both public and private, in North America. iLOOKABOUT's origins are with its StreetScape imagery and web-based geographic information system ("GIS") application, GeoViewPort™, which federates property related data and enables desktop review of properties. iLOOKABOUT has recently integrated powerful new data analytics and workflow management applications into its existing products to create several new service offerings uniquely customized for its clients. These new offerings include Real Property Tax Analytics ("RPTA"), Realty Tax Management ("RTM") and Confirm My Assessment. To augment the Company's technology based offerings, real estate consulting services are also now provided, with a focus on the Property Tax and Valuation sectors.
Headquartered in London, Ontario, Canada, iLOOKABOUT's common shares are traded on the TSX Venture Exchange under the symbol ILA.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Contact:
Robin Dyson
CFO
iLOOKABOUT Corp.
robin.dyson@ilookabout.com
1.866.963.2015
www.ilookabout.com