PESA Corporation Announces Debt Conversion and Update to Rights Offering
- Written by Newsfile
Toronto, Ontario--(Newsfile Corp. - June 14, 2021) - PESA Corporation ("PESA" or the "Company") is pleased to announce that it has agreed with two arm's length secured debenture holders to convert ("Debt Conversion") their outstanding debentures, aggregate principal amount $570,074, into an aggregate of 11,401,478 Common Shares of the Company at $0.05 per shares, being the same price as the subscription price for the Company's recently completed Rights Offering.
The Company also announces that to the best of its knowledge, three shareholders of the Company became new insiders of PESA as a result of their participation in the Rights Offering which closed on May 28, 2021. Two of the three new insiders are no longer insiders as they do not own, or control, directly or indirectly, more than 10% of the Common Shares of the Company as a result of the Debt Conversion transaction.
Forward-Looking Information
This news release includes "forward-looking information," as such term is defined in applicable securities laws. Forward-looking information includes, without limitation, discussion of financial results or the outlook for the business, risks associated with its financial results and stability, the rights offering, use of funds, maintaining adequate working capital and raising further capital on acceptable terms or at all, and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and represent the Company's judgement as of the date of this new release, and the Company is under no obligation to update or alter any forward-looking information.
About PESA:
PESA is a leading supplier of cybersecure live video distribution solutions to the government, professional and broadcast market. As a leading innovator in securing IP low latency and high resolution capability from source to glass, PESA is used in zero trust environments that require mission critical performance.
Contact Information:
PESA CorporationRicky NgCFO and VP of FinanceTel: +1 905-752-3700 x 203Email: rng@pesa.com[1]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/87532[2]
References
- ^ rng@pesa.com (www.newsfilecorp.com)
- ^ https://www.newsfilecorp.com/release/87532 (www.newsfilecorp.com)