pcNewsWire – Moovly Media Inc. (TSX-V: MVY) intends to complete a non-brokered private placement of up to 17,333,334 units at $0.15 per unit for gross proceeds of up to $2,600,000.
Proceeds will be sued for sales & marketing, product development and general working capital
MOOVLY MEDIA ANNOUNCES PRIVATE PLACEMENT
Vancouver, British Columbia – June 14, 2017 – Moovly Media Inc. (“Moovly” or the “Company”) (TSXV: MVY) announces that it proposes to complete a non-brokered private placement of units (each, a “Unit”). There is no minimum subscription for this offering and a maximum of 17,333,334 Units will be issued at a price of $0.15 per Unit for gross proceeds of up to $2,600,000. Subject to applicable securities laws, each existing common shareholder of the Company as of June 14, 2017 will be permitted to participate in this private placement. In the event that the Company receives subscriptions for Units in excess of the maximum number of Units to be issued, the Company will accept the first $2,600,000 of subscriptions received.
Each Unit will be comprised of one common share in the capital of the Company (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase a Common Share at a price of $0.25 per share for a period of one year from the date of issuance. All of the securities issued under the private placement will be subject to a four month resale restriction. The completion of the proposed private placement remains subject to the approval of the TSX Venture Exchange and the satisfaction of other customary closing conditions.
Assuming the maximum offering is completed, the Company plans to use the gross proceeds of the private placement as follows:
Use of Proceeds: ($)
Sales & Marketing 1,000,000
Product development 500,000
General working capital 1,100,000
Although the Company intends to use the proceeds of the offering as described above, the actual allocation of net proceeds may vary from the uses set forth above, depending on future operations or unforeseen events or opportunities.
Moovly is a leading content blending* company with a suite of products and services for video content creation. Moovly solutions include a feature and asset rich editor called Moovly Studio for manually making content, video generators called Moovly Bots which automatically creating content based on templates and client data and a mobile app for capturing and presenting content on the go. Moovly Studio differentiates itself from its competitors in three critical dimensions: technological leadership, superior digital asset libraries, and flexible third party integration capability, thus providing users with everything they need to create content within one platform.
Moovly is affordable, intuitive and simple to use thus making it the leading choice to create great promotional or explainer videos, engaging presentations, interactive infographics and communications materials for businesses of any size, educational, government and non-profit organizations. Moovly’s certified security and privacy standards meet government, financial service and large enterprise requirements. At the same time, its ease of use, democratic pricing and social media integration make Moovly suitable for small businesses, entrepreneurs, freelancers and consumers alike.
Moovly Bots are easily customizable web applications suitable for agencies, brands and large membership organizations seeking to automate, customize and mass personalize engaging video based communications to their users, clients, fans, followers or members.
*Content blending is the process of combining a broad variety of media types (video, illustration, animation, sounds, music) from (Moovly) stock and own content sources while being able to customize, modify and create content thus resulting in totally new and unique content creations.
As of the date of this press release, there is no material fact or material change related to the Company which has not been generally disclosed. For additional information regarding Moovly, please refer to its website at www.moovly.com.
For further information please contact:
President, CEO and Director
Phone: +1 604-639-4457
Phone: +1 604-639-4486
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.