iLOOKABOUT Corp. Announces Conversion of Unpaid Dividends to Common Shares

LONDON, ONTARIO--(Marketwired - Oct. 2, 2014) - iLOOKABOUT Corp. (TSX VENTURE:ILA) ("iLOOKABOUT" or "the Company") announced today that, subject to the approval of the TSX Venture Exchange, the Company will issue 38,019 Common Shares to settle $13,309 of accrued dividends on its Series 1 Preference Shares (the "Preference Shares"). In March 2012, the Company issued 750,000 Preference Shares by way of a private placement. The Preference Shares provide for settlement of unpaid dividends by the issuance of Common Shares instead of cash at the option of the holder. iLOOKABOUT has received notices to convert unpaid dividends totaling $13,309 on October 1, 2014, from nine Preference Share holders, seven of which are currently Insiders of the Company. The Dividend Conversion Rate is the aggregate amount of accrued dividends to be converted, divided by the Market Price of the Common Shares on the business day before such conversion right is exercised. As the closing market price of the Common Shares on September 30, 2014 was $0.35, the Company will issue 38,019 Common Shares to settle accrued dividends being converted.

iLOOKABOUT Corp. Announces Conversion of Unpaid Dividends to Common Shares