TORONTO, May 21, 2013 (GLOBE NEWSWIRE) -- Gemoscan Canada, Inc. ("Gemoscan" or the "Company") – (TSX-V:GES), (MUN:1GE) announces that, subject to regulatory approval, it will be extending two, previously announced, shares for service submissions.
Further to the Company's press releases of September 12, 2012, February 6, 2013 and April 4, 2013, it is seeking approval from the TSX Venture Exchange ("TSXV") to extend an existing shares for service application ("Submission One"). The TSXV granted acceptance of Submission One on September 20, 2012, an extension to Submission One on February 14, 2013 and a further revision to Submission One on April 11, 2013. Under the current terms of Submission One the Company pays a consulting fee to a firm (the "First Consultant") in exchange for the provision of certain strategic advisory services of Cdn.$7,500 per month, all of which is satisfied through the issuance of Class A shares ("Shares") in the Company. The Company will, subject to regulatory approval, extend Submission One by an additional one month period, to the end of May 2013. The number of Shares to be issued to the First Consultant will be determined by using the closing price of the Shares on the TSXV on the first trading day of June 2013.The revision to Submission One is subject to approval by the TSXV and to compliance with all applicable regulatory requirements. Submission Two Further to the Company's press releases of September 12, 2012 and February 22, 2013, it is also seeking approval from the TSXV to extend a second existing shares for service application ("Submission Two"). The TSXV granted acceptance of Submission Two on September 20, 2012 and an extension to Submission Two on March 4, 2013. Under the current terms of Submission Two the Company pays a consulting fee to a firm (the "Second Consultant") in exchange for the provision of certain strategic advisory services of Cdn.$17,000 per month, of which Cdn.$7,000 per month is satisfied through the issuance of Shares in the Company. The Company will, subject to regulatory approval, extend Submission Two by an additional one month period, to the end of May 2013. The number of Shares to be issued to the Second Consultant will be determined by using the closing price of the Shares on the TSXV on the first trading day of June 2013.
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