LOS ANGELES, CA, Jan. 6, 2014 /CNW/ - Core Innovation Capital I, L.P. ("Core") announced today that it has acquired 8,571,428 common shares of TIO Networks Corp. ("TIO") (TSXV:TNC) at a price of $0.35 per share pursuant to the conversion of a $3 million promissory note previously issued by TIO to Core. Such shares, which represent approximately 15.5% of TIO's issued and outstanding common shares, are the only securities of TIO held by Core and its affiliates. Further details regarding Core's investment in TIO can be found in TIO's material change report dated July 19, 2013.
The shares were acquired by Core for investment purposes. Core will evaluate its ownership position in TIO from time to time and, depending on a number of circumstances (including, but not limited to, performance of TIO's common shares in the market), Core may from time to time purchase directly or indirectly additional common shares to increase its ownership position in TIO.
This news release is being issued as required by National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. Further information (including a copy of the early warning report to be filed on SEDAR) can be obtained at www.sedar.com under TIO's company profile or by contacting Arjan Schütte at 323-951-1505.
About Core Innovation Capital
Core Innovation Capital is a leading investor in financial technologies serving the Emerging Middle Class, the 80 million Americans that generate over $1 trillion in annual income and spend more than $89 billion in fees and interest on financial services. Core partners with proven entrepreneurs and invests in disruptive financial technologies that measurably improve the lives of the Emerging Middle Class. The Core Impact Alignment investment thesis leverages social impact to create above-market financial return.
SOURCE Core Innovation Capital