VIDWRX INC SMDWF

Fully subscribed 500k PP

[capitalgain]

2015-03-31 18:13 ET - News Release

 

Mr. George Fleming reports

SOMEDIA PRIVATE PLACEMENT

SoMedia Networks Inc. has arranged a non-brokered brokered private placement of two million units at a price of 25 cents 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 and one-half of one common share purchase warrant. Each warrant will be exercisable to acquire one share of SoMedia at an exercise price of 30 cents 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 finders' fees in the amount of 8 per cent of the total number of shares subscribed for by persons introduced to the company by the finder. Each finder's unit consists of one common share and one-half of share purchase warrant, with each whole finder's warrant exercisable for two years from the date of issuance at a price of 30 cents 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.

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