By Angela McDaniels
Tacoma, Wash., June 4 - Multiplied Media Corp. has arranged a best-efforts private placement of units for up to C$7 million, according to a company news release.
Research Capital Corp. is the agent.
Each unit will be comprised of one common share and one-half of a warrant. Each whole warrant will be exercisable for one common share for two years.
The company said the unit price and the exercise price of the warrants will be priced in the context of the market seven days prior to closing.
The agent will receive a fee equal to 7% of the proceeds plus two-year compensation options for up to 10% of the units issued at a price equal to the issue price.
The proceeds will be used to develop and integrate UnoMobi Inc.'s products following Multiplied Media's proposed acquisition of the company, to develop and deploy Multiplied Media's existing product, Poynt, on additional smartphone platforms, for the release of the company's products into new geographic areas and for general working capital purposes.
Multiplied Media is a Calgary, Alta.-based provider of mobile local search services.
| Issuer: | Multiplied Media Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | Up to C$7 million
|
| Price: | To be determined
|
| Warrants: | One-half warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | To be determined
|
| Agent: | Research Capital Corp.
|
| Pricing date: | June 4
|
| Stock symbol: | TSX Venture: MMC
|
| Stock price: | C$0.08 at close June 3
|
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