LONDON, ON–(Marketwired – March 31, 2015) – iLOOKABOUT Corp. ( TSX VENTURE : ILA ) (“iLOOKABOUT” or “the Company”) announced today that, subject to the approval of the TSX Venture Exchange, the Company will issue 118,375 Common Shares to settle $41,432 of accrued dividends on its Series 1 Preference Shares (the “Preference Shares”). In March 2012, the Company issued 750,000 Preference Shares by way of a private placement. The Preference Shares provide for settlement of unpaid dividends by the issuance of Common Shares instead of cash at the option of the holder. iLOOKABOUT received notices to convert unpaid dividends totaling $41,432 on March 30, 2015, from eleven Preference Share holders, six of which are currently Insiders of the Company. The Dividend Conversion Rate is the aggregate amount of accrued dividends to be converted, divided by the Market Price of the Common Shares on the business day before such conversion right is exercised. As the closing market price of the Common Shares on March 29, 2015 was $0.35, the Company will issue 118,375 Common Shares to settle accrued dividends being converted.
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.
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.