TORONTO, ONTARIO--(Marketwired - Mar 29, 2017) - UpSnap Inc. (CSE:UP)(UP.CN) ("UpSnap" or the "Company"), a leading provider of mobile advertising solutions, today announced that the Company has converted all remaining outstanding debentures held by User-Friendly Media due February 7, 2017, which was extended to March 27, 2017 into common shares of the Company. The debentures, valued at $100,000 with a coupon of 13.5% per annum, will be converted into 7,148,750 common shares at a price of $0.02.
"By converting our remaining debentures, our balance sheet is now debt free," stated Bruce Howard, CEO of UpSnap. "We view the desire from User-Friendly Media to receive equity in our company as a strong vote of confidence in UpSnap's future."
As a result of the conversion, User-Friendly Media will now own 44.7% of UpSnap common shares.
UpSnap provides highly-targeted, data-driven mobile advertising to attract the ideal audience for brands big and small. Utilizing real-time analytics, UpSnap goes beyond location to deliver app-agnostic and results-driven campaigns that produce qualified, engaged customers. UpSnap tailors each campaign to align with unique business goals, delivering the right customers for more meaningful exposure and better business results.
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Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. Forward-looking statements involve substantial known and unknown risks, uncertainties and other factors which cause actual results to vary from those express or implied by such forward looking statements. These statements should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved.
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