BETHESDA, MARYLAND--(Marketwired - Jan. 29, 2014) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.
Snipp Interactive Inc. ("Snipp"), an international provider of mobile marketing solutions listed on the TSX Venture Exchange (TSX VENTURE:SPN), announces that it has closed its second tranche (the "Second Tranche") of its non-brokered private placement financing (the "Financing").
The total Financing was comprised of 8.75 million units ("Units") at a price of Cdn.$0.10 per Unit for gross proceeds of Cdn.$875,000. Each Unit consists of one common share ("Share") and one half-share purchase warrant ("Warrant"), with each whole warrant entitling the holder to purchase one Share at an exercise price of Cdn.$0.15 for a period of two years from the date of distribution. As previously announced on December 9, 2013, the first tranche (the "First Tranche") of this Financing closed and was comprised of 2,400,000 Units. Snipp paid finders' fees of $19,200 for the First Tranche in cash. The Second Tranche closed on January 24, 2014 and was comprised of 6,350,000 Units. Snipp paid finders' fees of $40,000 for the Second Tranche in cash.
Snipp initially announced the total Financing to be comprised of up to 3 million Units on December 9, 2013, and then announced an increase of up to 5 million Units for the total Financing on December 30, 2013 due to greater than expected demand. On January 13, 2014, Snipp announced a further increase of up to 8.75 million Units for the total Financing due to additional subscriptions from investors and insiders.
The proceeds of the Financing will be used for a variety of purposes including furthering Snipp's sales efforts in the promotion marketing industry, continuing to build out its stable of mobile solutions, exploring various acquisition opportunities and strengthening its investor relations efforts.
About Snipp Interactive Inc.
Snipp Interactive Inc. (www.snipp.com) builds mobile solutions for brands to engage and interact with their customers. Snipp provides print publishers, advertising agencies and corporate/consumer brands, including Fortune 500 companies, with four main solution sets:
- Mobile Promotions and Loyalty Programs: A full range of turnkey mobile promotion solutions from text to win and sample programs all the way to sophisticated and full fledged loyalty programs.
- Shopper Marketing & Receipt Processing: Snipp's unique SnippCheck mobile receipt processing solution allows brands to execute any kinds of purchase related Shopper Marketing programs they wish to - without needing to coordinate with retailers, or requiring consumers to download an app.
- Mobile Sites and Apps: Snipp's SiteBuilder solution allows the company to create and deploy new mobile sites for brand campaigns easily and at scale.
- Augmented Reality: Snipp has been producing cutting edge augmented reality campaigns for some of the leading brands around the world.
Snipp generates revenue by designing, constructing, implementing and managing these mobile solutions for its customers. Snipp is headquartered in Bethesda, MD, with international operations in Canada, Mexico, Brazil, India and the Middle East.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as changes in demand for and prices for the products of the company or the materials required to produce those products, labour relations problems, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward-looking statements.
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.
Copyright Snipp Interactive Inc. All rights reserved. All other trademarks and trade names are the property of their respective owners.
This press release does not constitute and the subject matter hereof is not, an offer for sale or a solicitation of an offer to buy, in the United States or to any "U.S Person" (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "1933 Act")) of any equity or other securities of Snipp. The securities of Snipp have not been registered under the 1933 Act and may not be offered or sold in the United States (or to a U.S. Person) absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act.