Somedia Networks Inc. (TSX-V:VID) (“SoMedia”, the "Company”), announces
that, further to its news release dated November 7, 2013, effective
immediately, the Company has terminated its proposed brokered private
placement of up to 1,500 units (each, a "Unit"), each Unit consisting of
one unsecured convertible debenture having a principal amount of
CDN$1,000 and 700 share purchase warrants of the Company, through its
agent, Canaccord Genuity Corp.
The Company further announces that it intends to complete a non-brokered
private placement (the "Private Placement") of up to 6,250,000 common
shares (each, a "Share"), at a price of $0.20 per Share, for gross
proceeds of up to $1,250,000.
The Company may pay finder's fees in connection with the Private
Placement, subject to compliance with the policies of the TSX Venture
Exchange (the "Exchange"). Completion of the Private Placement and the
payment of the finder's fees remain subject to the approval of the
Exchange. All Shares 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.
Appointment of Corporate Secretary
On November 22, 2013 the Company's board appointed Judith Bird to the
position of Corporate Secretary upon receipt of the resignation of
George Fleming from the position. Ms. Bird is a Paralegal and has been
working with corporate and securities law firms and public companies in
Vancouver for the past 17 years.
ABOUT SOMEDIA NETWORKS
SoMedia Networks is a pioneer of integrated video content production,
marketing and analytics solutions. Our scalable cloud-based video
content production platforms provide resale, white-label, and on demand
video production services to thousands of web marketers, digital
agencies, corporate brands and media companies across North America.
Our technology first approach allows us to provide a range of ground
breaking video production and marketing services and products that break
down the traditional barriers of cost, volume and reach; making it easy
for partners to deliver online video solutions 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