Yappn Closed on $395,000 Convertible Note Private Placement
February 05 2014 - 11:30AM
Marketwired
Yappn Closed on $395,000 Convertible Note Private Placement
NEW YORK, NEW YORK--(Marketwired - Feb 5, 2014) - Yappn Corp
(OTCQB:YPPN) ("Yappn or "Company") (www.yappn.com) is pleased to
announce that the Company sold 395 units ("Units") to a group of
investors led by AlphaNorth Asset Management's industry leading
hedge fund, the AlphaNorth Partners Fund. Each Unit consists of (i)
one unsecured convertible promissory note, $1,000 par value (the
"Note"), which Note is convertible into shares of the Company's
common stock, $0.0001 par value per share (the "Common Stock") at a
conversion price equal to $0.10; (ii) a warrant ("Series A
Warrant") entitling the holder thereof to purchase 10,000 shares of
Common Stock at $0.15 per share; and (iii) a warrant ("Series B
Warrant") entitling the holder thereof to purchase 10,000 shares of
Common Stock at $0.20 per share. The aggregate purchase price for
the 395 Units sold was $395,000. The Company granted to the
investors of the Units, registration rights on all shares of common
stock into which the Note, the Series A Warrant and the Series B
Warrant are convertible or exercisable.
The securities described above were sold by the Company in
private placements and were not registered under the Securities Act
of 1933, as amended (the "Securities Act"). The securities were
sold in reliance upon exemptions from the registration requirements
of the Securities Act pursuant to Regulation S promulgated under
the Securities Act. Therefore, the securities may not be offered or
sold in the United States absent registration or an applicable
exemption from the registration requirements of the Securities Act
of 1933 and any applicable state securities laws.
This press release does not constitute an offer to sell any
securities or a solicitation of an offer to purchase any
securities.
Learn more at www.yappn.com.
Like the Yappn Facebook page and follow Yappn on Twitter:
@YappnCorp.
About Yappn Corp.
- http://corporate.yappn.com/
Yappn provides people and brands the power to be social, conduct
commerce and communicate freely without a language barrier.
Creating successful digital programs in today's changing global
environment requires the ability to communicate in your customer's
language. Today, over 66 Million people in the US don't speak at
home and over 67% of worldwide online users surf in a language
other than English.
Yappn Chat (chat.yappn.com) allows people to meet, chat, engage
and consumer content based on their interests and not just where
they live, their friends or the language that they speak.
Yappn has developed cost effective unique and proprietary
technology tools (tools.yappn.com) and services that create dynamic
solution that enhance a client's social and media platforms. Yappn
also provides complementary programming for Twitter, Facebook,
YouTube, Instagram, Flickr, Pinterest and Tumblr.
While this sounds simple, creating a unique and dynamic social
environment that transcends devices, platforms and languages takes
a lot of experience and finesse. Yappn creates amplification for
media messaging while increasing a brand's global footprint all in
real-time without the interference of cross language issues.
Our clients constantly think up unique ways to use Yappn that
extends their growing social audience, while increasing brand
engagement with today's multi-lingual audience. We look forward to
the growing need to support global amplification and provide our
clients with the best services in the industry.
Intertainment Media Inc.
(TSX-VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) has a controlling
interest in Yappn Corp. Yappn Corp. is publicly in the US on the
OTCQB - symbol "YPPN".
About
AlphaNorth
AlphaNorth Asset Management (AlphaNorth) is a Toronto based
investment manager that believes superior long-term equity returns
are achievable by exploiting inefficiencies in the market through
careful security selection on both a long and short basis. The firm
combines technical analysis with both a bottom-up and top-down
strategy in the selection of investments offering the best reward
versus risk opportunities. The AlphaNorth Partners Fund has a five
year annualized performance record of 43.1%. For more information
go to: www.alphanorthasset.com.
Forward Looking Information
Legal Notice and Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of Section 21E of the Securities Exchange Act of 1934.
All statements, other than statements of historical fact, and those
preceded by or that include the words "believes," "expects,"
"given," "targets," "intends," "anticipates," "plans," "projects,"
"forecasts" or similar expressions, are "forward-looking
statements." Although Yappn Corp.'s management believes that such
forward-looking statements are reasonable, it cannot guarantee that
such expectations are, or will be, correct. These forward-looking
statements involve a number of risks and uncertainties, which could
cause the Company's future results to differ materially from those
anticipated. Additional information regarding the factors that may
cause actual results to differ materially from these
forward-looking statements is available in the Company's filings
with the SEC including the Current Report on Form 8-K filed on
April 3, 2013 and each subsequently filed Quarterly Report on Form
10-Q and Current Report on Form 8-K. The Company assumes no
obligation to update any of the information contained or referenced
in this press release.
Yappn Corp.David LucatchFounder and CEOinfo@yappn.com
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