VANCOUVER British Columbia, March 31, 2015 - SoMedia Networks Inc. (VID:CA) (“SoMedia,” the “Company”), the pioneer of scalable video production solutions announces a non-brokered brokered private placement (the “Private Placement”) of 2,000,000 units (the “Units”) at a price of $0.25 per Unit for gross proceeds of $500,000. The financing is fully subscribed and will close upon receipt of TSX Venture Exchange approval. Each Unit consists of one common share in the capital of the Company (a “Share”) and one half of one common share purchase warrant (each full common share purchase warrant, a “Warrant”). Each Warrant will be exercisable to acquire one Share of SoMedia at an exercise price of $0.30 per Share for a period of two years from the date of issuance.
In connection with the Private Placement, the Company will issue Units as finder’s fees in the amount of 8% of the total number of shares subscribed for by persons introduced to the Company by the finder (the “Finder’s Units”). Each Finder’s Unit consists of one common share and one half of share purchase warrant (“Finder’s Warrants”), with each whole Finder’s Warrant exercisable for two years from the date of issuance at a price of $0.30 per Share.
Completion of the Private Placement remains subject to the approval of the TSX Venture Exchange. All securities issued under the Private Placement will have a four month statutory hold period. The proceeds of the Private Placement will be used for general working capital purposes.
George Fleming, Co-CEO & Founder
Canadian Investor Contact:
Greg Werbowski, SoMedia Networks
Tel: 604.683.5510 ext. 590
U.S. Investor Contact:
Michael Koehler or Matt Glover, Liolios Group
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 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, exploitation and exploration successes, 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.
220 Cambie Street, Suite 401 Vancouver, BC Canada V6B 2M9 | Tel: 604.683.5510 | somedia.net
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer