TORONTO, April 22, 2016 /CNW/ - iSIGN Media Solutions Inc. ("iSIGN" or "Company") (TSX-V: ISD) (OTC: ISDSF), a leading provider of interactive mobile proximity advertising solutions today advises of an extension to the closing date of the brokered private placement("Placement") financing agreement with Mackie Research Capital Corporation ("Mackie") for $3.5 million.
Closing of this Placement has been extended to on or about the week of May 26, 2016 from the previously announced date of on or about the week of April 25, 2016.
The extension of the closing date reflects a delay in the signing of legal and other documents related to the acquisition of new technologies that is to be completed once the Placement is closed. It is also designed to provide Mackie with additional time to close the Placement.
This Placement will take the form of a consist of the sale of units ("Units"), each unit consisting of: (a) one 10% secured subordinated Debenture with a principal amount of $1,000; and (b) 1,333 warrants. Each warrant entitles the holder to acquire one common share at an exercise price of $0.30 for a period of 36 months following the closing of this Placement.
Each debenture will be convertible into common shares at the option of the holder at a price of $0.20 per share.
Mackie will be granted an option ("Agent's Options") exercisable at any time up to and including the closing of this Placement to increase the size of the Placement by up to 15% in Units by providing iSIGN with written notice within 48 hours prior to the closing.
Use of funds will be to complete and acquire new technologies and drive sales.
About iSIGN Media
iSIGN Media, based in Toronto, is a data-focused, software-as-a-service (SaaS) company that is a pioneering leader in gathering point-of-sale data and mobile shopper preferences to generate actionable data and reveal valuable consumer insights. Creators of the Smart Suite of products, a patented interactive proximity marketing technology, iSIGN enables brands to deliver targeted messaging, personalized offers and loyalty perks to consumers' mobile devices in proximity and with real-time proof of redemption. iSIGN's data gathering capabilities provide analytics on price points, typical purchases, in-store dwell time and other shopper metrics that identify emerging consumer behaviors. These insights enable smarter business decisions and provide increased ROI metrics for more transparent marketing. iSIGN delivers relevant, timely messages on an opt-in basis at no charge to consumers, transmitting rich media to consumer mobile devices via Bluetooth® and WiFi connectivity in complete privacy as opposed to iBeacons, apps, downloads and the required surrendering of personal information. Proven to increase brand engagement and customer loyalty, iSIGN generates preference-based, predictive "clean data" without compromising consumer privacy. Partners include: IBM, Keyser Retail Solutions, Baylor University, Verizon Wireless, TELUS and AOpen America Inc. www.isignmedia.com
© 2016 iSIGN Media Solutions Inc. All Rights Reserved. All other trademarks and trade names are the property of their respective owners.
Forward-Looking Statements
This press release contains forward-looking statements. More particularly, this press release contains statements which include the timing of closing the offering, the anticipated use of proceeds and the receipt of the required approvals. The forward-looking statements are based on certain expectations and assumptions made by the Company. Although the Company believes that those expectations and assumptions are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those anticipated due to a number of factors and risks. In addition to other risks, the closing of the offering could be delayed if the Company is not able to obtain necessary approvals when planned and the offering will not be completed at all if approvals are not obtained or some other condition to the closing is not satisfied. Accordingly, there is a risk that the offering will not be completed within the anticipated time or at all. The intended use of the net proceeds of the offering by the Company might change if the Company determines that it would be in the best interests of the Company to use the proceeds for some other purpose. The forward-looking statements contained in this press release are made as of the date hereof. 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, except as required under applicable securities laws.
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.
SOURCE iSIGN Media Corp
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Investor contacts: Alex Romanov, iSIGN Media, alex@isignmedia.comCopyright CNW Group 2016