SoMedia
Networks Inc. (TSX-V:VID) (“SoMedia,” the “Company”),
the pioneer of high volume crowdsourced video production, is pleased to
announce the intention to complete a non-brokered private placement (the
"Private Placement") of up to 3,750,000 units (the “Units”)
at a price of $0.20 per Unit for gross proceeds of up to $750,000. Each
Unit shall consist of one common share in the capital of the Company (a “Share”)
and one half of one common share purchase warrant (each full common
share purchase warrant, a “Warrant”). Each Warrant will be
exercisable to acquire one Share of SoMedia at an exercise price of
$0.35 per Share for a period of two years from the date of issuance.
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 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.
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 2014