Glenbriar arranges $800,000 financing with Uniserve
2017-06-16 07:40 MT - News Release
Mr. Robert Matheson reports
GLENBRIAR ANNOUNCES PRIVATE PLACEMENT TO STRATEGIC INVESTOR
Glenbriar Technologies Inc. has arranged a private placement of $800,000 at one cent per common share to Uniserve Communications Corp. of Vancouver. This transaction results in Uniserve owning 80,000,000 common shares, or 61.3% of the 130,421,510 shares outstanding. Glenbriar applied for and was granted relief from the Canadian Securities Exchange's minimum price rule in connection with the transaction. Net proceeds to Glenbriar of $720,000 (after a 10% placement fee paid to Uniserve) will be used to reduce outstanding debt and improve working capital.
Glenbriar further announced that as a result of this transaction, it was cancelling its previously announced special meeting of shareholders, which was scheduled to be held on July 24, 2017, and abandoning its plan to rename the corporation and initiate a rebranding exercise. Going forward, Glenbriar will instead focus on aligning its operations and strategic direction in common with Uniserve.
As part of this investment, Uniserve will appoint three new directors to join Glenbriar's board and Glenbriar will appoint one new director to join Uniserve's board.
"We are very excited to be joining forces with the new team at Uniserve," noted Robert Matheson, CEO of Glenbriar. "They have taken several strategic steps forward in the past few months, and have a vision which ensures an accelerated path to growth and success. The strengths and advantages of both parties are strongly complementary."
As Uniserve's CEO Nicholas Jeffrey stated, "With this investment in Glenbriar, Uniserve hopes to continue to expand its revenues and strategic alliances across Canada. We gain a much stronger national footprint and gain the opportunity to work with a very experienced team."
About Glenbriar Technologies Inc.
Glenbriar Technologies Inc. (CSE: GTI) is a leading provider Cloud-enabled business technology solutions, including IT Services, Cloud Services and Unified Communications. See www.glenbriar.com for more details.
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