Press Release & News
FOR IMMEDIATE RELEASE
ABODE MORTGAGE HOLDINGS CORP. ANNOUNCES THE
TERMS OF A NON-BROKERED PRIVATE PLACEMENT OF CONVERTIBLE
UNSECURED NOTES
Vancouver, BC - December 12, 2007 -
Abode Mortgage Holdings Corp. (TSXV: ABD) is pleased
to announce the terms of a non-brokered private placement
of convertible unsecured notes.
Abode will issue up to $3,000,000 two-year interest-bearing
convertible notes, which will bear interest at a rate
of 10% per annum. The notes will be convertible into
common shares of Abode at the election of the holder,
at a price of $0.20 per share. After the first year,
the notes will be subject to acceleration in the event
the closing trading price of the common shares of Abode
on the TSX Venture Exchange is $0.40 per share or higher
over a period of 20 consecutive trading days.
Proceeds from the financing will be used to fund Abode’s
working capital requirements and for general corporate
purposes.
Abode has agreed to pay a cash finder’s fee equal
to 5% of the gross proceeds realized from subscriptions
brought in by certain finders.
Closing is expected to be complete on or before January
23rd, 2008.
The private placement is subject to regulatory approval.
On Behalf of the Board of Directors,
“David G. Nelson”
Chairman
About Abode Mortgage Holdings Corp.
Abode Mortgage Holdings Corp. is a public company trading
on the TSX Venture Exchange under the symbol ABD, and
through its wholly owned subsidiary, Abode Mortgage
Corporation, provides mortgage services to the increasing
number of Canadians who are unable to find mortgage
financing through traditional sources.
Headquartered in Vancouver, Abode Mortgage Corporation
is delivering a new standard of service excellence to
the Canadian non-conforming residential mortgage industry
by providing simplified products, consistent underwriting
decisions, uniformed pricing and competitive compensation
programs. The Company launched its lending operations
in February, 2007.
Information about Abode Mortgage Corporation is available
on the Internet at: www.abodecorp.com
The TSX Venture Exchange does not accept responsibility
for the adequacy or accuracy of this release.
For further information, contact:
Mike J. Linehan
CEO
Abode
Mortgage Holdings Corp.
Telephone: 604.642.2633
Email: ir@abodecorp.com
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