SoMedia Closes Second Tranche of Private Placement
VANCOUVER, British Columbia--(BUSINESS WIRE)--SoMedia Networks Inc. (TSX-V:VID) (“SoMedia” or the “Company”) (TSXV: VID), the pioneer of globally scalable cloud-based video production and marketing solutions, is pleased to announce that, further to its press releases dated November 28, 2013, December 31, 2013 and January 29, 2014, it has closed the second tranche of its non-brokered private placement (the “Private Placement”) by the issuance of 4,575,000 common shares (the “Shares”) of the Company at a purchase price of $0.20 per Share for gross proceeds of $915,000.
In connection with the Private Placement, the Company paid finder's fees to PI Financial Corp. of $24,150 and issued 120,750 finder’s units (“Finder’s Units”), along with $7,000 and 35,000 Finder’s Units to Canaccord Genuity Corp. and $1,750 to Raymond James Ltd. Each Finder’s Unit consists of one common share and one share purchase warrant (“Finder’s Warrant”), with each Finder’s Warrant entitling the holder to purchase one common share of the Company at a price of $0.40 per Share until February 28, 2016. SoMedia intends to use the net proceeds of the Private Placement for general working capital.
All securities issued in connection with the Private Placement are subject to a prescribed four month hold and restricted trading period pursuant to applicable securities laws ending on June 29, 2014.
About SoMedia Networks
SoMedia Networks is a pioneer of integrated video content production, marketing and analytics solutions. Our scalable cloud-based video content production platforms provide resale, white-label, and on demand video production services to thousands of web marketers, digital agencies, corporate brands and media companies across North America.
Our technology first approach allows us to provide a range of ground breaking video production and marketing services and products that break down the traditional barriers of cost, volume and reach; making it easy for partners to deliver online video solutions to their clients simply and affordably, anywhere, at scale.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. 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.