VANCOUVER, Sept. 10, 2019 /CNW/ - MediaValet Inc. (TSX-V:
MVP) (the "Company") is pleased to announce it has closed the
$3.5 million brokered private
placement announced August 21, 2019
(the "Private Placement").
The Private Placement was over-subscribed and consisted of
6,666,666 Units at $0.525 for
aggregate gross proceeds of $3.5
million. Each Unit consisted of one common share of the
Company (a "Share") and one common share purchase warrant (a
"Warrant"). Each Warrant entitles the holder to purchase one
additional Share at a price of $0.90
on or before September 10,
2022. The Warrants are subject to accelerated expiry in the
event the daily volume weighted average trading price of the Common
Shares equals or exceeds $1.50 for 10
consecutive trading days.
In connection with the over-subscribed Private Placement, the
Company paid Cormark Securities Inc. ("Cormark") a cash commission
of 7% of the gross proceeds of the Private Placement and issued to
Cormark 136,111 warrants (the "Broker Warrants"). Each Broker
Warrant entitles the holder to acquire one common share at an
exercise price of $0.90 on or before
September 10, 2022.
David MacLaren, the Chief
Executive Officer, of the Company participated in the private
placement and acquired 92,500 Units. The purchase constitutes a
"related party transaction" within the meaning of Multilateral
Instrument 61-101 – Protection of Minority Security Holders in
Special Transactions ("MI 61-101"). The issuance is exempt from
the formal valuation and minority shareholder approval requirements
of MI 61-101 as the fair market value of the Units issued to or the
consideration paid by such insider did not exceed 25% of the
Company's market capitalization.
All securities issued in connection with the Private Placement
are subject to statutory hold period of four months plus a day in
accordance with applicable securities legislation ending on
January 11, 2020.
The net proceeds received from the Private Placement will be
used by the Company to fund current operations and working capital,
increase sales and enhance technology, and for general corporate
purposes.
In addition, the Company welcomes Francis Shen to the board of directors.
Mr. Shen is the President of Shen Capital Corporation, a private
investment company. Mr. Shen was the former Chairman,
Co-Chief Executive Officer and founder of Aastra Technologies
Ltd. The company was merged with Mitel Network Corporation in
2014 after 30 years of leadership under Mr. Shen. Aastra was
one of the top global players in the enterprise communications
market that provided products and services to over 100 countries
around the world. Mr. Shen was named Ontario's 2000 Entrepreneur of The Year in the
Technology & Communications category by Ernst & Young. He
is a board member of the Toronto
General & Western Hospital Foundation, Toronto International Film Festival, ROM Board
of Governors, and a founding board member of NEXT Canada. Mr.
Shen also founded Start@UTIAS, a start-up incubator at the
University of Toronto Institute for
Aerospace Studies.
This new release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
that are issued pursuant to the Private Placement have not been and
will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act"), or under any state
securities law and may not be offered or sold within the United States or to U.S. persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
About MediaValet Inc.
MediaValet stands at the forefront of the enterprise,
cloud‐based, digital asset management industry. Built exclusively
on Microsoft Azure and available within 140 countries, across 54
Microsoft data center regions around the world, MediaValet delivers
unparalleled enterprise class security, reliability, redundancy and
scalability while offering the largest global footprint of any DAM
solution. In addition to providing all core DAM capabilities and
local desktop‐to‐sever‐to‐cloud support for creative teams,
MediaValet offers industry leading integrations with Slack, Adobe
Creative Suite, Microsoft Office 365, Oracle Marketing Cloud
(Eloqua), Wrike, Drupal 8, WordPress, Hootsuite and many other
best‐in‐class 3rd party applications.
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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.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements, including
statements regarding the Private Placement, including the use of
proceeds from the Private Placement, and other statements that are
not historical facts. Forward-looking statements are often
identified by terms such as "will", "may", "should", "anticipate",
"expects" and similar expressions. All statements other than
statements of historical fact included in this release are
forward-looking statements that involve risks and uncertainties.
There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ
materially from those anticipated in such statements.
The reader is cautioned that assumptions used in the preparation
of any forward-looking information may prove to be incorrect.
Events or circumstances may cause actual results to differ
materially from those predicted, as a result of numerous known and
unknown risks, uncertainties, and other factors, many of which are
beyond the control of the Company, and which are described in the
Company's public filings available under its profile at
www.sedar.com. The reader is cautioned not to place undue reliance
on any forward-looking information. Such
information, although considered reasonable by management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated. Forward-looking statements contained in this news
release are expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company does not intend
to update any of the included forward-looking statements except as
required by Canadian securities laws.
SOURCE MediaValet Inc.