ID Watchdog extends series C convertible preferred shares until 2017

Holders voted unanimously to extend 90-day note from May 23, 2016

By Susanna Moon

Chicago, April 14 – ID Watchdog, Inc. said holders voted unanimously to amend its series C convertible preferred shares, extending the maturity to Nov. 22, 2017.

The meeting was held April 13.

The company sought to amend the convertible preferreds to extend the 90-day note from May 23, 2016, according to a company press release.

In exchange for voting for the measure, the company will issue the holder a three-year warrant for 1,000 shares with an initial exercise price of $0.10 per share.

Any holders who voted for the measure but are not U.S. residents or otherwise not entitled to receive the warrants will receive a cash payment of $40.00 for each series C share, the company said.

The measure required a minimum of two-thirds of the votes cast at the meeting. A total of 81.2% of the series C shares were voted at the meeting.

Subject to approval from the Toronto Stock Exchange, the company said it will issue warrants to purchase 2,493,085 shares and make a cash payment of $80.00 to the series C holders who voted their shares.

The company issued 3,123.481 convertible preferreds on Feb. 24, 2011, and 3,078.481 are now outstanding. The preferreds are convertible into 10,000 common shares of the company.

ID Watchdog provides services relating to detection and resolution solutions for identity theft and other consumer report problems. The company is based in Denver.

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