VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 5, 2014) - Meridex Software Corp. (TSX VENTURE:MSC.H) (the "Company" or "MSC") further to its release of April 3, 2014 is pleased to announce it has closed its non-brokered private placement (the "Financing") for 2,760,000 units at a price of $0.25 per unit, ("Unit") for aggregate gross proceeds of CDN $690,000. Each Unit will consist of one common share and one non-transferable share purchase warrant (a "Warrant"). Each Warrant will be exercisable by the holder to acquire one additional common share at a price of $0.50 for a period of twelve (12) months following the closing of the financing. The Warrants are subject to an accelerated expiry which comes into effect once the shares trade above a weighted average price of $0.75 for any twenty consecutive trading-day period, subsequent to four months from Closing. In the event of an accelerated expiry, the expiry date will be the earlier of the regular 12 month expiry date and 30 days from the date the Company advises the placees of the accelerated expiry.
The proceeds from this private placement will be used for general working capital purposes and a portion will be used to settle debt.
ON BEHALF OF THE BOARD
Craig Schneider, President and CEO
Forward-Looking Statements
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances.
Additionally, there are known and unknown risk factors which could cause Meridex Software's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: reliance on the health and marketability of celebrity fitness talent in productions owned by Meridex Software's; actual results from the use of celebrity fitness products may differ substantially from anticipated results; the substantial investment of capital required to produce and market video and entertainment productions, limitations imposed by our financing abilities, unpredictability of the commercial success of our programming, difficulties in integrating technological changes and other trends affecting the entertainment industry.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and Meridex Software disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
Neither 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 the release.