iLOOKABOUT Corp. Announces Conversion of Unpaid Dividends to Common Shares

January 04, 2014

LONDON, ONTARIO--(Marketwired - Jan. 3, 2014) - iLOOKABOUT Corp. (TSX VENTURE:ILA) ("iLOOKABOUT" or "the Company") announced today that, subject to the approval of the TSX Venture Exchange, the Company will issue 133,865 Common Shares to settle $26,775 of accrued dividends on its Series 1 Preference Shares (the "Preference Shares"). In March 2012, the Company issued 750,000 Preference Shares by way of a private placement. The Preference Shares provide for settlement of unpaid dividends by the issuance of the Company's common shares instead of cash at the option of the holder. iLOOKABOUT has received notices to convert unpaid dividends totaling $26,775 from twelve Preference Share holders, seven of which are currently insiders of the Company. The dividend conversion rate is the aggregate amount of accrued dividends to be converted, divided by the market price of the Company's common shares on the business day before such conversion right is exercised. The closing market price of the Company's common shares on December 31, 2013 was $0.20, representing the closing market price on December 18, 2013, being the date that the Company's common shares were halted from trading due to the Company's announcement of a proposed business combination transaction.

Link: http://www.marketwired.com/mw/release.do?id=1866143&sourceType=3