||12/3/2012 8:54:34 AM|
GuestLogix Inc. Closes on Loan and Warrant Financing of CDN $ 7 Million
TORONTO, ONTARIO--(Marketwire - Dec. 3, 2012) - GuestLogix Inc. ("GuestLogix" or the "Company") (TSX:GXI), is pleased to announce that it has closed a loan and warrant financing (the "Financing") in the amount of $7 million with an additional 3,500,000 common share purchase warrant coverage (the "Warrants").
The Financing consists of promissory notes (the "Notes") having an aggregate principal amount of CDN $7,000,000 plus associated Warrants. The Notes carry an interest rate of 12% per annum payable on maturity of the Notes. The Notes (including accrued and unpaid interest thereon) are due and payable in full on May 31, 2014. The Warrants have an exercise price of CDN $0.80 per Common Share of the Company and are exercisable at any time up until November 30, 2014.
GuestLogix Inc. (TSX:GXI), the leading global provider of onboard store technology and merchandising solutions, helps airlines and other travel operators create, manage, and control onboard retail environments tailored to their needs and their passengers. GuestLogix brings a decade of expertise as a trusted onboard transaction processing partner to airlines around the world. The Company's global headquarters and centre for product innovation is located in Toronto, Canada with regional head offices located in Dallas, Texas (serving Americas) London, UK (serving EMEA), and Hong Kong (serving Asia-Pacific). Sales and support offices are located in Singapore and Shanghai. Logistics centres are situated in Toronto, Dallas, London and Seoul with a software development centre located in India. In September 2012, GuestLogix acquired U.K.-based onboard retail technology provider Initium Onboard with clients in Europe, South America, Asia-Pacific and the Middle East. More information is available at www.guestlogix.com.