GlobeX Data Ltd. Announces Acceleration of Warrants Expiry Date Issued in Conjunction with May 20th 2020 Private Placements
January 15, 2021 in Company news
TORONTO, ON / ACCESSWIRE / January 15, 2021 / GlobeX Data Ltd. (OTCQB:SWISF)(CSE:SWIS) (“GlobeX” or the “Company”), the leader in Swiss hosted secure data management and secure communications, is pleased to announce that it has exercised its right to accelerate the expiry date of voting share purchase warrants (the “Warrants”) issued to participants in the Company’s private placement, which closed in May 2020 (the “Offering”). Participants have twenty days from the date of notice of the acceleration to exercise their Warrants.
Each Warrant issued in conjunction with the Offerings entitled the holder to purchase one voting share in the capital of GlobeX Data Ltd. for a period of 12 months from May 20, 2020 (i.e. May 20, 2021) at an exercise price of C$0.13 per share, subject to adjustment in certain events. GlobeX Data Ltd. retained the right to require the acceleration of the expiry date of these Warrants if the Company’s ten-trading-day volume-weighted-average-price (“VWAP”) on the Canadian Securities Exchange (CSE) met or exceeded C$0.15 (“Accelerated Expiry Date”). This was achieved during the trading period from December 30, 2020 through January 14, 2021. Management expects redemptions of the Warrants to result in the issuance of 851,053 additional voting shares and cash proceeds of C$110,636.89, however, there can be no assurance that any of the Warrants will be exercised prior to the Accelerated Expiry Date.
Alain Ghiai, CEO of GlobeX Data said: “GlobeX continues to build its business and expand strategically in the USA and Canada in addition to starting sales in Latin America after the long COVID-19 pause. We are grateful for the continued support of our shareholders and expect to leverage these proceeds with our strong balance sheet to accelerate our growth while continuing to generate strong shareholder value.”
Warrant holders who wish to exercise their Warrants should contact their investment advisor or GlobeX Data directly and submit an exercise notice form to GlobeX’s Investor and Corporate Relations Department at email@example.com. The Company will help any holder with any administrative proceedings. Any Warrants that have not been exercised by 5:00 p.m. (PST) at the end of 20 days’ notice will automatically be cancelled.
About GlobeX Data Ltd.
GlobeX Data Ltd. is a Cybersecurity and Internet privacy provider of Swiss hosted solutions for secure data management and secure communications. The Company distributes a suite of secure cloud-based storage, disaster recovery, document management, encrypted e-mails, and secure communication tools. GlobeX Data Ltd. sells its products through its approved wholesalers and distributors, and telecommunications companies worldwide. GlobeX Data Ltd. serves consumers, businesses and governments worldwide.
On behalf of Management
GLOBEX DATA LTD.
President and Chief Executive Officer
Forward Looking Information
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions. These statements reflect management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. GlobeX cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond GlobeX’s control. Such factors include, among other things: risks and uncertainties relating to the future of the Company’s business; the success of marketing and sales efforts of the Company; the projections prepared in house and projections delivered by channel partners; the Company’s ability to complete the necessary software updates; increases in sales as a result of investments software development technology; consumer interest in the Products; future sales plans and strategies; reliance on large channel partners and expectations of renewals to ongoing agreements with these partners; anticipated events and trends; the economy and other future conditions; and other risks and uncertainties, including those described in GlobeX’s prospectus dated May 8, 2019 filed with the Canadian Securities Administrators and available on www.sedar.com. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, GlobeX undertakes no obligation to publicly update or revise forward-looking information.
SOURCE: GlobeX Data Ltd.