VANCOUVER, B.C. – Mission Ready Services Inc. (TSX-V: MRS) – Mission Ready Services Inc. (“Mission Ready” or “MRSI” or the “Company”) is pleased to announce that the majority of holders (“Holders” or “Debenture Holders”) of the Company’s outstanding convertible debentures (the “Convertible Debentures” or “Debentures”), which mature on April 12, 2015, elected to accept the incentive offered by the Company as announced on February 20, 2015 (the “Incentive Program”) to convert their Debentures into common shares of the Company.
Of the $1,090,000 in total debentures issued by the Company, $30,000 were converted in December 2014, $830,000 have elected to convert under the Incentive Program, with $230,000 outstanding Debentures remaining to mature April 12, 2015.
“We are very pleased with the response from our Debenture Holders,” states Rod Reum, President and CEO of Mission Ready. “With over 78% of the Debentures being converted into equity we are honored by the endorsement of the Company by these investors.”
Holders of Convertible Debentures are entitled to convert the Debentures into common shares of the Company at the ratio of one (1) common share for every $0.25 of Convertible Debentures held. The previously announced Incentive Program consisted of the following:
“Mission Ready Services Inc. (“Mission Ready” or “MRSI” or the “Company”) announces that the Company has been granted permission by the TSX Venture Exchange to offer to Debenture Holders (“Debenture Holder” or “Holder”) a one half warrant for the early conversion of debentures outstanding in the amount of $1,060,000. As per the original terms of the debentures issued April 15, 2013, December 18, 2013 & January 16, 2014Debenture Holders may convert debentures into common shares of the Company prior to April 12, 2015 at $0.25 per share. Upon conversion of the total amount of the debenture due, the Holder will be issued one half share purchase warrant in addition to each common share issued. Each full Warrant shall entitle the holder thereof to acquire one additional Share (a “Warrant Share” or “Warrant Shares”) at an exercise price of $0.50 per Warrant Share and expiring on September 30, 2017. If, at such time, the Company’s weighted average share price for 10 consecutive trading days equals or exceeds $1.00, the Company may give notice to the Warrant holders that they must exercise their remaining Warrants within a period of 30-days from the deemed date of receipt of the notice. Any Warrants remaining unexercised after the expiration of the 30-day notice period will be cancelled and will thereafter be of no force or effect.”
As a result of the conversion of the Debentures noted above, the Company has issued 3,320,000 Common Shares and 1,660,000 Warrants under the terms of the Incentive Program as defined above. The warrant securities issued pursuant to the Incentive Program are subject to a hold period of 4 months plus one (1) day from the date of conversion. All Warrants issued in connection with the Incentive Program have an expiry of September 30, 2017.
About Mission Ready
MRSI was created to meet a critical need of one of the world’s largest customers, the US Government and in particular the Departments of Defence, Homeland Security and Justice and various other agencies such as law enforcement, first responders and the many others worldwide that help to safeguard our health and security.
MRSI’s mission is to save lives and enhance the performance of military personnel, first responders, and those who protect us by working to ensure they are equipped with the best possible personal protective equipment.
For further information, visit the Company’s website at MissionReady.ca or contact:
Terry Nixon – Director, Corporate Communications
Mission Ready Services Inc.
(signed “Rod Reum”)
President & CEO
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “forecast”, “project”, “budget”, “schedule”, “may”, “will”, “could”, “might”, “should” or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by Mission Ready Services Inc. as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Mission Ready Services Inc. to be materially different from those expressed or implied by such forward-looking information.
Forward-looking statements are based on assumptions management believes to be reasonable. Although Mission Ready Services Inc. has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Mission Ready Services Inc. does not undertake to update any forward-looking information that is included herein, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.