iSIGN Media Solutions Inc. Completes Private Placement
01 December 2010 - 5:32AM
Marketwired
iSIGN Media Solutions Inc. ("iSIGN" or "Company") (TSX VENTURE:
ISD), is pleased to announce that it has closed a private placement
(the "Private Placement") that was previously announced on October
6, 2010, raising gross proceeds of $767,040. The Private Placement
consisted of a brokered portion (the "Brokered Portion") with Byron
Securities Limited as agent (the "Agent") and a non brokered
portion (the "Non-Brokered Portion").
iSIGN completed the Brokered Portion of the Private Placement on
November 26, 2010, by issuing 2,000,000 units ("Units") at a price
of $0.20 per Unit for aggregate gross proceeds of $400,000. Each
Unit consists of one common share ("Common Share") in the capital
of iSIGN and one-half of one common share purchase warrant
("Warrant"). Each whole Warrant entitles the holder thereof to
acquire one Common Share at an exercise price of $0.30 per share
until November 26, 2012. All securities are subject to a four-month
hold period.
In connection with the closing of the Brokered Portion of the
Private Placement, the Agent received a cash commission equal to
6.3% of the gross proceeds realized by the Company from the
Brokered Portion of the Private Placement. As additional
compensation, the Company also issued 143,750 non-transferable
compensation options ("Compensation Options"). Each Compensation
Option entitles the holder thereof to acquire one Unit at a price
of $0.20 per Compensation Option held, until November 26, 2012.
The Company also wishes to announce the closing of the first
tranche (the "First Tranche") of the Non-Brokered Portion of the
Private Placement for total gross proceeds of $367,040. The Company
completed the First Tranche on November 30, 2010, by issuing
1,835,200 Units at a price of $0.20 per Unit. Each Unit consists of
one Common Share in the capital of iSIGN and one half of one
Warrant. Each whole Warrant entitles the holder thereof to acquire
one Common Share at an exercise price of $0.30 per share until
November 30, 2012. All securities are subject to a four-month hold
period. It is expected that the Company will complete a second
tranche of the Non-Brokered Portion of the Private Placement by
December 15, 2010.
In connection with the closing of the First Tranche, the Company
paid cash commissions equal to ten percent (10%) of the gross
proceeds realized by the Company from the First Tranche of the
Non-Brokered Portion of the Private Placement. As additional
compensation, the Company issued finder's warrants ("Finder's
Warrant") equal to ten percent (10%) of the Units sold pursuant to
the First Tranche of the Non-Brokered Portion of the Private
Placement to arms length parties. Each Finder's Warrant entitles
the holder thereof to acquire one Unit at a price of $0.20 per unit
per Finder Warrant held, until November 30, 2012. All securities
are subject to a four month hold period.
The proceeds of the Private Placement will be used by the
Company to fund general working capital, including marketing and
research and development.
About iSIGN Media
iSIGN is a leading developer of location-based interactive
proximity advertising solutions that deliver rich media, permission
based messages, free of charge to cell and smart phones using
Bluetooth connectivity. The Company's patent-pending advertising
platform combines the precision of direct marketing and the
tracking potential of the Web to deliver more cost effective and
ROI-driven advertising than is possible via print, radio and
television. iSIGN is based in Richmond Hill, Ontario with R&D
and customer support operations in Vancouver, BC. iSIGN is publicly
traded in Toronto (TSX.V) under the symbol "ISD". Additional
information about iSIGN Media can be found at
www.isignmedia.com.
Forward-Looking Statements
This news release includes certain forward-looking statements
that are based upon current expectations, which involve risks and
uncertainties associated with iSIGN Media's business and the
environment in which the business operates. Any statements
contained herein that are not statements of historical facts may be
deemed to be forward-looking, including those identified by the
expressions "anticipate", "believe", "plan", "estimate", "expect",
"intend", and similar expressions to the extent they relate to the
Company or its management. The forward-looking statements are not
historical facts, but reflect iSIGN Media's current expectations
regarding future results or events. These forward-looking
statements are subject to a number of risks and uncertainties that
could cause actual results or events to differ materially from
current expectations, including the matters discussed under "Risks
and Uncertainties" in the Filing Statement filed on October 9th,
2009 with the regulatory authorities. iSIGN Media assumes no
obligation to update the forward-looking statements, or to update
the reasons why actual results could differ from those reflected in
the forward-looking statements.
© 2009 iSIGN Media Solutions Inc. All Rights Reserved. All other
trademarks and trade names are the property of their respective
owners.
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.
Contacts: iSIGN Media Solutions Inc. Alex Romanov Chief
Executive Officer (905) 530-2481 alex@isignmedia.com
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