iLOOKABOUT Corp. Announces Conversion of Unpaid Dividends to Common Shares
LONDON, ONTARIO– 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 99,482 Common Shares to settle $19,897 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 $19,897 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 March 31, 2014 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.
iLOOKABOUT is a visual and data intelligence company serving commercial enterprise in the real estate, insurance, municipal, utility, assessment and appraisal sectors in North America and Europe. iLOOKABOUT is a pioneer in visual and data intelligence with its StreetScape™ and Virtual Tour products. StreetScape is a visual and data intelligence product for the geo-spatial market, providing panoramic, comprehensive, street level perspective visual data, geo-coded with latitude and longitude coordinates for accuracy and supported by patented software processes and proprietary security and storage systems. The Company has also launched GeoViewPort™, a web-based Geographic Information System (GIS) application that enables the federation of additional value added data such as validated addresses, aerial imagery, property values, property attributes, etc. with StreetScape imagery. Headquartered in London, Ontario, Canada, iLOOKABOUT’s common shares are traded on the TSX Venture Exchange under the symbol ILA.