Validian Corp. (OTCQB: VLDI) has strengthened its balance sheet through the completion of USD1.225 million in financing for the purchase of 1,225 Series A preferred shares with a stated value of USD1,000 per share that are convertible at USD0.10 share with no interest coupon, the company said.
Financing also includes an exchange of USD929,533.81 of senior secured convertible notes plus USD74,747.92 in unsecured senior convertible notes, an exchange of the remaining balance of USD2,835,025.46 of principal plus accrued interest of all senior secured convertible notes and an exchange of USD1,603,802.26 of principal plus accrued interest of unsecured senior convertible notes issued from 2009 to 2015.
The company said these transactions not only strengthen Validian´s balance sheet by eliminating all of its secured debt and much of its unsecured debt, as well as by eliminating approximately USD600,000 per year of interest costs going forward, but also provide the company with more than a year´s worth of working capital to be used for completing revenue generating installations and deployments with the company´s established channel partners at their existing customers and in their growing sales pipeline of qualified prospects.
Validian Corporation (OTCQB VLDI) is an innovator in cyber security technology. Validian enables the next generation of secure mobile messaging, communications and advertising; cloud computing, platforms and storage; distributed applications and computing; and web application and webportal access and usage.