Previously announced up to $ 1.2 ml pp closed with a total of $832,510 into the company coffers. This shortfall of some $400 K was a bit unexpected as it wasn't that long ago the 6.9 ml pp had been announced with the same terms and there appeared to be renewed investor interest. On a positive note $800 k is still a considerable sum to raise at this time with no revenue stream and developing technology. Hopefully some meaningful news in the near future. GLTAL.
iSIGN Media Announces the Close of its Previously Announced Private Placement of up to $1.2 million
TORONTO, Sept. 03, 2021 (GLOBE NEWSWIRE) -- iSIGN Media Solutions Inc. (“iSIGN” or “Company”) (TSX-V: ISD) (OTC: ISDSF), a leading provider of interactive mobile proximity marketing and public security alert solutions announced it has closed the final tranche (the “Final Tranche”) of its previously announced non-brokered private placement (“Placement”) of up to $1,200,000.
The Company completed the Final Tranche of the Placement for total gross proceeds of $110,000 by issuing 2,200,000 Units (“Units”) at a price of $0.05 per Unit, with each Unit consisting of one Common Share of the Company (each a “Common Share”, collectively, the “Common Shares”) and one common share purchase warrant (each warrant referred to herein as a “Warrant” and collectively, the “Warrants”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.075 for a period of 24 months from the date of closing. All securities are subject to a four month hold period.
With this Final Tranche, the Company has received funds totaling $832,510 and has issued a total of 16,650,200 Units (“Units”) at a price of $0.05 per Unit. Each Unit consists of one Common Share of the Company (each a “Common Share”, collectively, the “Common Shares”) and one common share purchase warrant (each warrant referred to herein as a “Warrant” and collectively, the “Warrants”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.075 for a period of 24 months from the date of closing each tranche. All securities are subject to a four month hold period from date of their issuance.
The proceeds of the Placement will be for new software development and enhancements to existing technologies and operational purposes.
Participants in this placement include Alex Romanov and Bruce Reilly, who are deemed to be “related parties”, as such term is defined in Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions (“MI 61-101”), being the Company’s Strategic Advisor to the Chief Executive Officer and Chief Financial Officer and Director.
For this transaction, the Company has relied on the exemption from the formal valuation requirements of MI 61-101 contained in section 5.5(a) of MI 61-101 and has relied on the exemption from the minority shareholder approval requirements of MI 61-101 contained in section 5.7(a) of MI 61-101.