Vigil Health Solutions Announces $200,000 Loan Agreement and Proposes a Share Consolidation to Its Shareholders
16 Juillet 2010 - 10:32PM
Marketwired
Vigil Health Solutions Inc. (TSX VENTURE: VGL)("Vigil") today
announced that it has entered into an aggregate $200,000 loan
agreement with British Columbia Discovery Fund (VCC) Inc. and
GrowthPoint Capital Corp. The loan is secured by all of Vigil's
property and is due and payable on December 31, 2010. The loan is
convertible at the option of the lenders into Vigil's common shares
at a rate of one common share for each $0.10 of indebtedness ($0.20
if Vigil's proposed consolidation announced below occurs). Any
common shares issued on conversion of the loan will be subject to a
four month hold period from today's date. The obligations of Vigil
and the lenders under the loan agreement are conditional upon
receipt of acceptance by the TSX Venture Exchange of the loan.
Vigil will seek shareholder approval at its Annual General and
Special Meeting of shareholders to be held on August 24, 2010, to
consolidate its common shares at a ratio of one new share for each
twenty outstanding common shares. In order to be effective, the
consolidation resolution must be approved by at least
three-quarters of the shareholder votes cast at the meeting and be
accepted by the TSX Venture Exchange. The purpose of the share
consolidation is to facilitate future financings and strategic
initiatives by Vigil. Vigil currently has 100,046,135 common shares
outstanding. If the consolidation is approved, Vigil will have
approximately 5,002,306 common shares outstanding. Vigil's name
will not be changed in connection with the proposed
consolidation.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Vigil Health Solutions Inc. Troy Griffiths President
and CEO (250) 383-6900 (250) 383-6999 (FAX) information@vigil.com
Vigil Health Solutions Inc. 2102-4464 Markham Street Victoria, BC
V8Z 7X8 www.vigil.com
Vigil Health Solutions (TSXV:VGL)
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