CALGARY, ALBERTA, June 15, 2020 – ICEsoft Technologies Canada Corp. (CSE: ISFT) (the “Company” or “ICEsoft”) is pleased to announce its plans for a non-brokered private placement of up to 1,155,781 common shares in the capital of the Company (each a “Common Share”), in association with the conversion of CAD $40,000.00 in secured convertible debt principal and CAD $16,577.02 in associated accrued interest and CAD $110,046.38 in unsecured junior debt principal and CAD $6,743.83 in associated accrued interest (collectively the “Converting Debt”).
The Converting Debt is held by ICEsoft President and CEO, Mr. Brian McKinney of 30 Royal Oak Plaza NW, Calgary Alberta. The Converting Debt shall convert at a rate of CAD $0.15 / Common Share. Total aggregate insider participation is expected not to exceed CAD$173,367.23.
The Private Placement is anticipated to close on or about June 15, 2020.
The securities issued pursuant to the Private Placement will be subject to a hold period under applicable securities laws, which will expire four months plus one day from the date of the applicable closing of the Private Placement. Closing of the Private Placement is subject to receipt of all necessary corporate and regulatory approvals, including approval of the Canadian Securities Exchange.