BRIEF-Zaio Corporation provides update on court proceeding

Wed Aug 31, 2016 9:00am EDT
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Aug 31 (Reuters) - Zaio Corp

* Zaio Corporation provides update on court proceeding, arranges standby facility, new debt facility, conversion and issuer bid for convertible debentures and announces shareholder conference call

* Zaio has arranged a standby facility to payout any outstanding convertible debentures at a maturity on May 9, 2017

* Standby facility is for amount of up to $5 million by way of either direct funding by stableview asset management or co-investment

* Says also arranged a debt facility of up to $4 million lead by stableview asset management for general working capital

* Stableview has also agreed to convert January 2016 facility into common shares of company, subject to regulatory approval Source text for Eikon: Further company coverage: