Science & Technology
Science and Technology
Science and Technology
Fri, March 2, 2012
Thu, March 1, 2012 iSIGN Media Announces Close of Private Placement to Fund Expanded Interactive Locations
March 01, 2012 18:59 ET
iSIGN Media Announces Close of Private Placement to Fund Expanded Interactive Locations
TORONTO, ONTARIO--(Marketwire - March 1, 2012) - iSIGN Media Solutions Inc. ("iSIGN" or "Company") (TSX VENTURE:ISD), a leading provider of interactive mobile advertising solutions that serves advertisers, manufacturers, retailers and advertising agencies throughout North America, announced today that it has closed a private placement ("placement"), raising gross proceeds of $2,194,540.
The Company completed the placement by issuing 7,135,131 Units at a price of $0.30 per Unit. Each Unit consists of one Common Share of the Company (each a "Common Share" and collectively, the "Common Shares") and one-half of a common share purchase warrant (each whole warrant referred to herein as a "Warrant" and collectively, the "Warrants"). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.50 for a period of 24 months from the date of completing this subscription, provided that in the event that the closing price of the Common Shares on the TSX Venture Exchange (or any such other stock exchange on which the Common Shares are listed and where a majority of the trading volume occurs), for a period of twenty (20) consecutive trading days exceeds $0.55 per Common Share, the Corporation may, at any time thereafter, provide notice to the Warrant holders of early expiry of the Warrants held by each holder and thereafter, such Warrants will expire at 3:30 P.M. (Toronto time) on the date which is thirty (30) days after the date of the notice to the Warrant holders. All securities are subject to a four month hold period.
The proceeds will be used by the Company to fund the acquisition of equipment required to meet additional installations into Mac's Convenience Stores Inc. ("Mac's") and its Circle K locations in the Maritimes, as well as general working capital.
The Company would like to provide clarification to its press release of January 30, 2012 which stated that Mac's could acquire up to 5% of iSIGN's issued and outstanding common shares as at November 7, 2011. For greater clarity, that number of shares is 2,924,448, subject to TSX-Venture Exchange approval.
About iSIGN Media
iSIGN Media is a North American leader in multiplatform advertising solutions that utilize Bluetooth, Mobile, WiFi and Location-Aware technologies to deliver rich media, permission-based messages to engage consumers more deeply and cost-effectively. The resulting business intelligence and real time metrics, gathered through iSIGN's patent-pending advertising platform, deliver insights into emerging consumer behaviors that help advertisers measure their efforts and make better business decisions to increase ROI and customer loyalty. Headquartered in Richmond Hill, Ontario, with R&D and customer support operations in Vancouver, BC and Tampa, FL, the Company has also grown to become the largest owner/operator of in-store digital media in Canada with 5,600 digital signs in 1,400 locations. Partners include: AOpen America Inc. and IBM, with solution distribution by BlueStar Inc. iSIGN is publicly traded in Toronto (TSX.V) Additional information can be found at [ www.isignmedia.com ].
Forward-Looking Statements
This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with iSIGN Media's business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect iSIGN Media's current expectations regarding future results or events.
These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. iSIGN Media assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
© 2012 iSIGN Media Solutions Inc. All Rights Reserved. All other trademarks and trade names are the property of their respective owners.
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 or accuracy of this release.
