NR - SoMedia Announces Brokered Private PlacementSoMedia Announces Brokered Private Placement
Somedia Networks Inc. (TSX-V:VID) (“SoMedia,” “the Company”), is pleased to announce that, further to its news release dated October 30, 2013, subject to the approval of the TSX Venture Exchange, the Company intends to complete a brokered private placement (the "Private Placement") through its agent, Canaccord Genuity Corp. (the "Agent") of up to 1,500 units (the "Units") of the Company on the following terms. Each Unit will consist of one unsecured convertible debenture having a principal amount of CDN$1,000 (the "Debenture") and 700 share purchase warrants (the "Warrants") of the Company, for aggregate gross proceeds of up to $1,500,000. Each Warrant is exercisable for one common share of the Company at an exercise price of $0.75, for a period of 3 years from the date of its issuance.
The term of the Debentures will be 5 years, and will accrue interest at 12% per annum, payable quarterly. The Debentures will be convertible into common shares of the Company at the option of the holder anytime prior its maturity date at a price of $0.65 per common share.
The Company will also grant the Agent an over-allotment option to raise up to an additional $375,000, on the same terms as the Private Placement.
All of the Units issued under the Private Placement will be subject to a hold period of four months and one day from the date of issuance. The proceeds of the Private Placement will be used for general working capital purposes.
ABOUT SOMEDIA NETWORKS
SoMedia Networks is a pioneer of cloud-based video content production platforms, advanced crowdsourced workforce management, and scalable video production services. SoMedia provides resale, white-label, and on demand video production services across North America to web marketers, digital agencies, corporate brands and media.
With a technology first approach and North American-wide crowd sourced workforce, SoMedia offers a range of ground breaking video production services and products which break down the traditional barriers of cost, volume and reach; making it easy for partners to deliver online video products to their clients simply and affordably, anywhere, at scale.
For more information 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 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.
Copyright Business Wire 2013
Business Wire
November 7, 2013 - 8:03 PM EST
Read source at https://www.stockhouse.com/news/press-releases/2013/11/07/somedia-announces-brokered-private-placement#SB0UVGD5awELgy47.99SoMedia Announces Brokered Private Placement