Clarocity closes $1.5M second tranche of debt financing

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I want to thank all of you for your patience with us over the past 48 hours and apologize for what was admittedly a botched launch of our new site.

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Clarocity closes $1.5M second tranche of debt financing

posted on Nov 23, 2016 12:49PM

Clarocity closes $1.5M second tranche of debt financing

2016-11-23 08:56 ET - News Release

Mr. Shane Copeland reports

CLAROCITY CORPORATION ANNOUNCES CLOSING OF SECOND TRANCHE OF FINANCING FOR $1.5 MILLION

Clarocity Corp. has closed the second tranche of the previously announced (see Aug. 31 and Sept. 22, 2016, press releases) $4-million debt facility provided by StableView Asset Management on behalf of managed accounts and funds, with gross proceeds of $1.5-million.

"This funding from StableView Asset Management ensures that we have the working capital necessary to continue capitalizing on the market opportunity in front of us as we head into the 2017 fiscal year," said Shane Copeland, chief executive officer of Clarocity.

Clarocity issued an aggregate amount of $1.5-million in principal amount of debentures at a price of $1,000 per $1,000 principal amount of debenture. The debentures will bear an interest rate of 15 per cent per annum payable quarterly in cash or in common shares, at the option of StableView, subject to a reduction to 12 per cent per annum if all the company's debt ranking in priority to the debentures is fully repaid. The debentures will mature on Sept. 21, 2019. At any time on or after March 21, 2017, StableView may also upon notice, require repayment of the outstanding debentures together with any accrued and/or unpaid interest. The debentures have been guaranteed by the company's wholly owned subsidiary, Valuation Vision Inc., and are secured against all of the company's and the guarantor's property and assets.

In addition, the company issued 4.5 million common share purchase warrants. Each warrant entitles the holder thereof to purchase one common share in the capital of the company at 11 cents per common share, exercisable for a period of 36 months from the date of issuance.

The proceeds from the facility will be used for general corporate purposes. The transaction is subject to the submission of documents and approval of the TSX Venture Exchange.

About Clarocity

Clarocity provides real estate valuation solutions and platform technologies designed to address today's dynamic housing market. The company's innovative platform is driving the next generation of valuation solutions such as MarketValue Pro (MVP) and BPOMerge, and setting new standards in real estate valuation quality and reliability.

We seek Safe Harbor.

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