By Devika Patel
Knoxville, Tenn., Dec. 11 - Isign Media Solutions Inc. said it will raise C$3 million in a brokered and non-brokered private placement of units. MGI Securities is the agent for the brokered portion of the deal, which will raise C$1.5 million.
The company will sell units at C$0.30 apiece. Tesar Inc. is the investor for the non-brokered portion.
Each unit consists of one common share and one warrant. The warrants are exercisable at C$0.45 for two years.
Proceeds will be used to fund the completion of a back-end reporting system, for the acquisition of IMS units and for general working capital.
Based in Toronto, Isign is a developer of in-store interactive proximity advertising solutions that deliver rich media, permission based messages free of charge to cell phones using Bluetooth connectivity.
| Issuer: | Isign Media Solutions Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$3 million
|
| Price: | C$0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.45
|
| Agent: | MGI Securities (for C$1.5 million), non-brokered (for C$1.5 million)
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| Investor: | Tesar Inc. (for C$1.5 million)
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| Pricing date: | Dec. 11
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| Stock symbol: | TSX Venture: ISD
|
| Stock price: | C$0.39 at close Dec. 10
|
| Market capitalization: | C$12 million
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