Cytiva Software Inc. (CRX:CA) News

Jun. 5, 2009 (Filing Services Canada) -- Cytiva Software Inc. (CRX - TSX Venture, CRXFF - OTCBB_Pink_Sheets), is pleased to announce that it has negotiated a financing package with Pender Growth Fund (VCC) Inc. (the "Fund") comprised of 3,333,333 convertible redeemable preferred shares (the "Shares") and 3,000,000 share purchase warrants (the "Warrants"). The price of $0.225 per Share will result in total gross proceeds of $750,000. Each Warrant will entitle the Fund to acquire one Common Share at a price of $0.40 per share for a period of 3 years from the date of closing.

The Shares will provide a cumulative dividend of 7% per year, payable quarterly. The Fund can redeem the Shares on the fifth anniversary of the closing of the private placement at the original issue price plus any accrued and unpaid dividends. The Fund may also elect to convert the Shares at any time into common shares of Cytiva ("Common Shares") on a 1:1 basis. Each Share will be entitled to one-half of one vote at meetings of shareholders of Cytiva.

For a period of twenty four months from Closing the Fund will have the right to participate in financings by Cytiva so as to maintain its proportional equity interest in Cytiva. The Fund will have the right to nominate a director for appointment to the Cytiva Board and its initial nominee will be Mr. Don Safnuk, who is currently a director of Cytiva.

After a period of 24 months from the date of closing of the private placement, Cytiva may elect to have the Fund convert the Shares into Common Shares if the Common Shares trade on the TSX or TSX Venture Exchange for a period of 30 consecutive trading days at a price greater than $0.45 per share and the total trading volume over such period is greater than 10% of the number of Common Shares issued and outstanding at the beginning of such period.

Closing of the financing is subject to satisfactory due diligence of Cytiva by the Fund, approval of the Fund's board of directors, approval of the TSX Venture Exchange, the creation of the preferred shares by Cytiva, and approval of the Administrator of the Small Business Venture Capital Act (British Columbia) ("SBVCA").

The net proceeds from the financing will be used by Cytiva for working capital, provided the funds are used in compliance with section 12 of the SBVCA.


About Cytiva

Cytiva provides innovative on-demand talent management software and services to mid-sized and Fortune 500 companies. Its flagship recruiting software product, SonicRecruit, allows corporations to screen applicants, automate recruiting departments, customize corporate career sites and hire great people. This premier applicant tracking system improves recruiting effectiveness, speeding up the hiring process and reducing cost per hire. Cytiva's SonicPerform employee performance management system automates employee evaluations, aligns employees around key goals and encourages year round feedback. For more information, visit www.sonicrecruit.com.

Cytiva Software Inc


Jason Moreau
President


For further information please contact:
Cytiva Software Inc
Jason Moreau, President
Telephone: 510-295-4401
Facsimile: 208-575-4981


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


CYTIVA SOFTWARE INC.
Suite 800, 850 West Hastings Street
Vancouver, BC V6C 1E1
Tel: 510-295-4215
Fax: 604-357-3793


Source: Cytiva Software Inc. (CRX - TSX-V) (CRXFF - Pink Sheets) http://www.careerexchange.com
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