VANCOUVER, BC--(Marketwired - June 22, 2015) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE SERVICES
MediaValet Inc. (TSX VENTURE: MVP) (the Company), a leading provider of cloud-based digital asset management software, is pleased to announce the closing of the non-brokered private placement announced on June 17, 2015. The Company issued 7,650,000 common shares to a large Boston-based asset management company, at an issue price of $0.29 per Common Share, for gross proceeds of $2,218,500 million.
"We've spent the last five years building an exceptional cloud-based product that is now used by many of the world's leading brands," commented David MacLaren, President & CEO of MediaValet. "To date, we've achieved this with only a handful of programmers and little to no outgoing sales or marketing efforts. With this funding, things change today."
Continued MacLaren, "This funding marks a significant milestone in our evolution and enables us to execute our strategy to build a best-in-class direct sales and marketing team. As the demand for an easy to use, cost effective, highly accessible and secure solution for managing digital assets is about to hit critical mass, we plan to be top of mind with the marketing teams of all leading brands."
With the completion of this private placement, the Company has 76,869,131 common shares issued and outstanding, of which 9.95% is owned by the Boston-based asset management company.
In accordance with applicable securities legislation, all securities issued in connection with the private placement are subject to a four-month hold period in Canada. Net proceeds from the placement will be used to build the Company's sales and marketing team, enhance the Company's operational foundation, further accelerate product development, and for general working capital.
About MediaValet Inc.
MediaValet stands at the forefront of the emerging cloud-based digital asset management industry. Dedicated to delivering best in class enterprise cloud software, with an in-depth understanding of content production and Azure, and leveraging a strong relationship with Microsoft, MediaValet is uniquely equipped to meet the digital asset management needs of any organization, no matter its size, its industry or its location. Cutting edge technology, exceptional product design, and unlimited friendly customer service are at the core of MediaValet's product strategy -- ensuring exceptional customer and user experiences are delivered at all times.
"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."