MONTREAL, QUEBEC and TORONTO, ONTARIO and MEXICO CITY, MEXICO and PARIS, FRANCE--(Marketwired - Jun 10, 2013) - Parta Dialogue Inc. (TSX VENTURE:PAD) ("Parta") an up and coming leader in Social Media Optimization and Social Learning for organizations at the forefront of digital strategy, is pleased to announce that it has closed a first tranche of its non-brokered, prospectus-exempted private placement of Convertible Debentures (the "Offering"), announced on May 30, 2013, for gross proceeds of $200,000. Parta is in discussions with other potential investors and may close subsequent tranches in order to reach the maximum amount of the Offering of $500,000.
The Convertible Debentures are unsecured, will mature on November 30, 2014, and will bear an annual compounded interest rate of 10%. The principal and interest payable under the Convertible Debentures, subject to the requirements of the TSX Venture Exchange (the "TSXV"), are convertible into units of Parta (the "Units"), with each Unit consisting of: (i) one (1) common share in the share capital of Parta (a "Common Share"); and (ii) one half (1/2) share purchase warrant, exercisable for a period of 24 months, with each whole share purchase warrant (a "Warrant") entitling its holder to acquire (1) Common Share at a purchase price equal to the greater of the Conversion Price (defined below), the last closing trading price of the Common Shares prior to the conversion date, and the volume weighted average price of the Common Shares on the conversion date (as defined in the Convertible Debenture). Subject to customary adjustment provisions, the conversion price of the principal and interest shall be equal to the greater of: (i) $0.10 per Unit, subject to the minimum pricing requirements of the TSXV; (ii) the last closing trading price of the Common Shares before the conversion date, less 20%; and (iii) the volume weighted average price of the Common Shares, less 20% (the "Conversion Price").
The proceeds from the Offering will be used for working capital purposes.
Two insiders of Parta participated in the Offering by subscribing for Convertible Debentures in amount of $150,000 (the "Insider Subscriptions"), representing 75% of the gross proceeds from the first tranche of the Offering. The Insider Subscriptions remain subject to the final approval of the TSXV.
The Convertible Debentures and all underlying securities are subject to a 4-month plus 1 day hold period from the closing date, expiring on October 7, 2013, pursuant to securities legislation and the policies of the TSXV. The Convertible Debentures and all underlying securities under the Offering have not been nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States or to an account for the benefit of US persons, absent such registration or an exemption from registration.
Parta Dialogue is an up and coming leader in Social Media Optimization and Social Learning for organizations at the forefront of digital strategy. Our clients include some of the largest and some of the smallest (but hippest) companies in the world, and the list is growing. Parta is aggressively investing in technology and acquisitions to build a robust offering as a full-service digital agency that utilizes technology and expertise to listen, strategize, publish (Sharecasting™), promote and measure (eValue™) your social marketing programs. Parta is the company behind Edu-Performance and #engagementlabs.
Many visionary businesses already employ Parta's solutions for internal and external online engagement. Among these are Proctor and Gamble, Nestlé, Durex, Budweiser, IBM, Mazda, Universal Pictures and Rock the Vote. www.partadialogue.com
Parta is listed on the TSX Venture Exchange under the symbol PAD and operates through two subsidiaries:
#engagementlabs, an all-digital agency offering a targeted range of social strategies, customized engagement platforms and analytic tools to measure performance and ROI totally focused on social engagement & optimization: www.engagementlabs.com.
edu-performance, totally focused on internal engagement and productivity, Edu-Performance offers customized Social Learning and online training solutions: www.eduperformance.com.