Adya Inc. (TSX-V: ADYA) has announced that it intends to close a private placement offering (“Private Placement”) of 21,249,936 common shares of the company (“Shares”) to Iris Technologies Inc. (“Iristel”) at a price per Share equal to USD 0.07647, for aggregate gross proceeds of USD 1,625,000 to the company (the “Proceeds”), the company said.
There are currently 2,363,604 Shares issued and outstanding and with the issuance of 21,249,936 Shares to Iristel, the company will have a total of 23,613,540 Shares issued and outstanding, of which Iristel will hold approximately 90%.
The Proceeds of the Private Placement are to be immediately used by the company to effect the settlement and payment to the holders of USD 2,250,000 aggregate principal amount of 7.5% debentures of the company (“Debentures”) issued February 28, 2014, pursuant to an amended & restated debenture indenture (the “Indenture”) entered into concurrently therewith between the company and TSX Trust company, the trustee pursuant to the Indenture.
Adya is a publicly traded holding company and strategic shareholder in telecommunications and technology companies. With offices located in Toronto, the company remains focused on diversifying its portfolio through the acquisition of accretive businesses, with recurring revenue, high shareholder value, and annuity revenue streams.
