Sanwire Corporation Completes $405,000 Private Placement With Institutional Investor Magna Group
August 02 2013 - 8:47PM
Sanwire Corporation (OTCQB:SNWR) ("Sanwire" or the
"Company"), a global provider of wireless communications services
and data solutions is pleased to announce that the Company has
completed a $405,000 financing through a senior convertible note
issued to a Magna Group affiliate fund, Hanover Holdings I, LLC
(the "Investor"), headquartered in New York, NY.
The note is convertible 90 days after issuance, at the
Investor's option into shares of the Company's common stock at a
fixed conversion price of $0.2325. The Company has agreed to file a
registration statement with the U.S. Securities & Exchange
Commission ("SEC") covering the resale of the underlying shares of
common stock that may be obtained by conversion of the note. Funds
obtained through this financing will be used by the Company for
general and administrative purposes, working capital, and to expand
the Company's growing projects.
The note has an eight-month term and was issued with an initial
principal amount of $405,000 for a purchase price of $300,000 (a
35% original issue discount). Under terms of the note, the initial
principal amount of $405,000 will be reduced to the purchase price
of $300,000 if the Company meets all of their filing obligations as
detailed in the Form 8-K filing. The note accrues at the rate of 8%
per annum and includes customary event of default provisions.
Sanwire's President and CEO, Mr. Naiel Kanno, stated, "This
financing positions Sanwire to execute on its current business
objectives and expedite its revenue growth plans. We look forward
to expanding our financial partnership with the Magna Group."
Joshua Sason, Chief Executive Officer of Magna Group noted,
"Considering management's unique experience in both the technology
and mining sectors, we are confident that our investment will
enable Sanwire to continue to grow its vertically integrated
portfolio of innovative solutions and pursue its strategic and
growth objectives for the future."
About Sanwire Corporation
Sanwire is a global provider of wireless communications
services, data solutions, and application software/hardware.
Sanwire's vertically integrated portfolio of solutions target a
diverse array of enterprises and multiple disciplines with one goal
in mind - deliver efficient and reliable communications. For more
information, visit www.sanwire.net. Sanwire has two wholly owned
subsidiaries in its current portfolio, iPTerra Technologies and
Aero Networks. iPTerra is a designer, developer, manufacturer and
marketer of a real-time 2-way wireless and/or wireline
communications, and mine-safety solution for the global mining and
industrial industry (www.ipterra.net) . Aero Networks provides
advanced telecommunications and broadband services to rural
communities and Native American tribes with focus on public safety,
education and healthcare sectors. Aero is a pioneer in delivering
4G/LTE, TV White Space, and advanced wireless technologies
(www.aeronetworks.net).
About Magna Group
Magna Group is a cutting edge global investment firm that makes
innovative investments and forges lasting partnerships amidst a
constant drive to identify the most exciting opportunities,
worldwide. Founded in 2009 by Joshua Sason, the firm was
established to identify and creatively invest in structured
opportunities in micro and small-cap public companies. Magna Group
quickly built a stellar reputation in the marketplace and amongst
portfolio companies for its focus on building relationships and
transacting ethically. Today, Magna Group is widely recognized as a
global leader in small and lower-middle market structured finance
and continues to expand and broaden its strategic focus. In
addition to its core activities in structured finance, the firm
either solely owns or is a partner in private equity and venture
entities that invest and operate in Entertainment, Legal Finance,
Aviation and Hospitality. Please visit www.magnagroupcapital.com
for more information.
Certain statements included in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements relate to, among other things, plans and timing for the
introduction or enhancement of our services and products,
statements about future market conditions, supply and demand
conditions, and other expectations, intentions and plans contained
in this press release that are not historical fact and involve
risks and uncertainties. Our expectations regarding future revenues
depend upon our ability to develop and supply products and services
that meet defined specifications. When used in this press release,
the words "plan," "expect," "believe," and similar expressions
generally identify forward-looking statements. These statements
reflect our current expectations.
CONTACT: Gross Capital, Inc.
Barry Gross
(361) 949-4999
IR@sanwire.net
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