pcNewsWire – MOVIT Media Corp. (TSX-V: MV) has closed previously announced non-brokered private placement of 1,877,500 units at $0.08 per unit for gross proceeds of $150,200.
Proceeds will be used for working capital purposes.
MOVIT CLOSES $150,200 PRIVATE PLACEMENT
June 2, 2017 – Vancouver, BC – MOVIT Media Corp. (MV – TSX.V) (the “Company”) wishes to announce that, further to its news release of May 17, 2017, it has received final approval from the TSX Venture Exchange and closed a non-brokered private placement (the “Offering”). The Company has issued 1,877,500 units (the “Placement Units”) at a price of $0.08 per Placement Unit for gross proceeds of $150,200. Each Placement Unit consists of one common share and one share purchase warrant. Each share purchase warrant is exercisable into one common share at an exercise price of $0.10 per common share for a period of 24 months.
The Company now has 7,826,116 common shares issued and outstanding.
A director of the Company subscribed for 156,250 Placement Units, for gross proceeds of $12,500. The Company has relied on exemptions under Multilateral Instrument 61-101 to dispense with formal valuation and minority shareholder approval requirements. This portion of the Offering has been approved by the independent directors of the Company.
In accordance with applicable securities legislation, securities issued pursuant to the Offering are subject to a hold period of four months plus one day from the date of closing.
Proceeds from the Offering will be used for working capital purposes.
ON BEHALF OF THE BOARD
“Stephen D. Inouye”
FOR FURTHER INFORMATION PLEASE CONTACT:
Stephen D. Inouye – CEO/CFO
Forward Looking Statements
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.
SOURCE: MOVIT Media Corp.