TORONTO, ONTARIO — (Marketwired) — 09/10/13 — John McKimm announces that Madison Partners Corporation (“Madison”) has entered into a private put agreement (the “Put Agreement”) with an investor, entitling such investor to sell to Madison up to $500,000 of convertible notes (the “Notes”) of Smart Employee Benefits Inc. (“SEB”) and up to 250,000 warrants (the “Warrants”) of SEB. The investor acquired the Notes and Warrants as part of the $975,000 private placement financing of SEB, details of which were disclosed in press releases of SEB dated August 27, 2013 and September 6, 2013.
Under the Put Agreement, the investor may exercise its put rights between September 30, 2013 to October 15, 2013 and March 31, 2014 to April 15, 2014. Upon exercise of the put right, Madison shall purchase the Notes at the principal amount of the Notes put to Madison. If the put right is exercised between September 30, 2013 to October 15, 2013, the purchase price paid by Madison shall also entitle Madison to receive that number of Warrants equal to half of the aggregate amount of Notes put to Madison.
The maximum amount of the Notes and Warrants that may be put to Madison may be convertible and exercisable into a maximum of 1,000,000 SEB shares and 250,000 SEB shares, respectively.
Madison Partners Corporation is a private holding company controlled by John McKimm.
This news release is issued pursuant to National Instrument 62-103: The Early Warning System. A copy of the Early Warning Report will appear with SEB-s documents on the SEDAR website at . A copy of the Early Warning Report may also be obtained by contacting John McKimm, SEB-s Chief Executive Officer at 416-460-2817.
Contacts:
Source and Information:
John McKimm
c/o 125 Commerce Valley Drive West, Suite 100
Markham, Ontario L3T 7W4
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