Musicrypt plans equity financing for C$10 million

By Laura Lutz

Des Moines, Jan. 3 - Musicrypt Inc. plans to conduct a private placement of stock for C$10 million.

Terms of the placement were not announced.

Sprott Securities Inc. will be agent for the deal.

Proceeds will be used to fund the company's European market expansion with Adstream and for U.S. music-delivery market growth, advertising and enforcement of intellectual property rights.

Based in Toronto, Musicrypt provides digital delivery systems for the music industry.

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