VANCOUVER, British Columbia--(BUSINESS WIRE)--SoMedia Networks Inc. (TSX-V:VID) (“SoMedia” or the “Company”), pioneer of scalable video production solutions, is pleased to announce that further to our news release dated July 23, 2015, the Company has closed the prospectus offering of 7,600,000 units (the “Units”) of the Company, at a price of $0.10 per Unit for aggregate gross proceeds of $760,000 (the “Offering”). Euro Pacific Canada Inc. and Maison Placements Canada Inc. acted as agents in connection with the Offering.
Each Unit consists of one common share of the Company (a “Share”), and one share purchase warrant (an “Offering Warrant”) entitling the holder to acquire one additional Share at a price of $0.125 per Share for a period of 36 months following closing.
On closing of the Offering, the agents received a cash commission equal to 6% of the gross proceeds of the Offering, a corporate finance fee and agents' warrants equal to 6% of the number of Units sold under the Offering (the “Agent Unit Warrants”). Each Agent Unit Warrant will be exercisable, at a price of $0.10 per Agent Unit Warrant for a period of 24 months following closing, and will entitle the holder to acquire one unit of the Company consisting of one Share and one common share purchase warrant on the same terms as the Offering Warrant.
ABOUT SOMEDIA NETWORKS INC.
SoMedia Networks, the creator of Scalable Video, has reengineered how businesses access video content creation and production. The cloud-based SoMedia Platform allows businesses to easily order the production of custom video content at scale and volume, anywhere, on demand, with rapid turnaround, and at a fraction of current costs. SoMedia provides Scalable Video as an integrated solution together with advanced video players, analytics and campaign management tools to corporate partners, as a resale solution through thousands of web marketing firms and directly to digital agencies and millions of SMBs across North America. To learn more visit: www.somedia.net.
Neither the 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. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Certain information contained in this document may include "forward-looking information". Without limiting the foregoing, the information and any forward-looking information may include words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or the Company management's good-faith beliefs with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made in this press release, see the section entitled "Risks and Uncertainties" in the Management's Discussion and Analysis of the Company for its most recent interim financial statements filed with the Canadian securities commissions. The forward-looking information set forth herein reflects the Company’s expectations as at the date of this press release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, other than as required by law.
The Company does not intend, nor does it undertake, any obligation to update or revise any forward-looking information or statements contained in this document to reflect subsequent information, events or circumstances or otherwise, except as required by applicable laws.
