YANGAROO Concludes Shares for Debt Agreements and Effects Share Consolidation
19 Septembre 2013 - 10:00PM
Access Wire
TORONTO, CANADA - YANGAROO
Inc. (TSX-V: YOO, OTC: YOOIF),
the industry's leading secure digital media management company (the
"Company"), is pleased to announce that it
has entered into shares for debt agreements with a majority of its
current debenture holders (the "Debenture Holders") whereby, of the
current outstanding indebtedness of the Company equal to
$6,379,656.84 (the "Total Debt"), a total of $4,245,128.26 will be
converted into post-Consolidation (as defined below) common shares
of the Company at a deemed price of $0.25 per common share (the
"Shares for Debt Transaction"). The Company has exceeded the 40%
conversion threshold it had previously set and announced in a news
release on July 3, 2013 (the "July 3 Release"), as over 66% of the
Total Debt is being converted under the Shares for Debt
Transaction.
The Shares for Debt
Transaction and issuance of the common shares will not result in
the creation of a new Control Person (as such term is defined in
the TSX Venture Exchange Corporate Finance Manual), will be subject
to a four-month hold period from the date of issuance and will be
subject to the approval of the TSX Venture Exchange (the
"Exchange").
The Company is also
pleased to announce that it has completed the consolidation of its
issued and outstanding common shares, as previously announced in
the July 3 Release (the "Consolidation"). Effective today, the
Company's common shares have been consolidated on a basis of ten
pre-Consolidation shares for each one post-Consolidation share. The
Company now has a total of 16,324,477 common shares issued and
outstanding.
The Consolidation was
approved by the Company's shareholders at its annual and special
shareholders meeting held on August 15, 2013 and has been accepted
by the Exchange.
The Company has not changed its name
or its trading symbol as part of the Consolidation.
The Shares for Debt
Transaction and the Consolidation are being completed as part of a
larger debt restructuring plan that was initially announced in the
July 3 Release. The Company believes that it is on schedule with
respect to the completion of the Release Conditions (as defined in
the July 3 Release).
Further updates will
be announced with respect to the overall debt restructuring as may
be required/appropriate.
About
YANGAROO:
YANGAROO is a company dedicated to
digital media management. YANGAROO's patented Digital Media
Distribution System (DMDS) is a leading secure B2B digital cloud
based solution focused on the music and advertising industries. The
DMDS solution provides more accountable, effective, and far less
costly digital management of broadcast quality media via the
Internet. It replaces the physical, satellite and closed network
distribution and management of audio and video content, for music,
music videos, and advertising to television, radio, media,
retailers, and other authorized recipients. The YANGAROO Awards
platform is now the industry standard and powers most of North
America's major awards shows.
YANGAROO has offices
in Toronto, New York and Los Angeles. YANGAROO trades on the TSX
Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under
OTCBB: YOOIF. For further information, please contact Gary Moss at
416-534-0607 ext.111 or visit www.yangaroo.com.
###
The
statements contained in this release that are not purely historical
are forward-looking statements and are subject to risks and
uncertainties that could cause such statements to differ materially
from actual future events or results. Such forward-looking
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
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