Each of the 2,000 units issued consists of $1,000 principal amount 15% secured debentures of Ignition Point and 2,500 non-transferable warrants. Each warrant entitles the holder to acquire one common share in the capital of Ignition Point until March 15, 2009 at a price per share of $0.20. The debentures mature on March 15, 2009 and are secured by a general security interest over all of the assets of Ignition Point.
All securities issued in connection with the financing are subject to a four month hold period which expires on July 16, 2007.
Certain directors and officers of Ignition Point and/or its subsidiary, TeraSpan Networks Inc., participated in the financing for an aggregate $540,000 of the gross proceeds.
About TeraSpan Networks
TeraSpan Networks specializes in reliable, cost effective fiber optic cable deployment for a variety of markets including municipalities, telecom carriers, public utilities, universities, schools and hospitals. TeraSpan's robust, environmentally friendly Vertical Inlaid Fiber(TM) (VIF(TM)) technology enables rapid and cost effective delivery of communication infrastructures necessary to support dependable, high-bandwidth services for any application. www.teraspan.com
About Ignition Point
Ignition Point Technologies Corp., a Vancouver-based broadband technology company, provides unique access and applications solutions to wired and wireless network service providers. Ignition Point's subsidiaries are TeraSpan Networks Inc. www.teraspan.com and FatPort Corporation www.fatport.com. For more information, visit www.ignitionpoint.ca. -- www.cnxmarketlink.com
Posted March 16th, 2007 by ruzik_tuzik
