Upsized deal raises cash for marketing and sales efforts
By Devika Patel
Knoxville, Tenn., Aug. 27 - Yangaroo Inc. said it completed a private placement of units for C$2.13 million. The deal priced for C$1.5 million on June 21.
The company sold 2,126.5 units at C$1,000.00 apiece. The units each consist of 20,000 common shares and 10,000 warrants, with each of the warrants exercisable at C$0.10 until Jan. 31, 2012.
The strike price represents a 42.86% premium toC$0.07, the closing share price on June 18.
Insiders purchased 120 units, of which chief executive officer Scott Wambolt bought 100 units. Ingalls & Snyder LLC purchased 1,000 units.
Proceeds will be used for the expansion of marketing and sales and other general working capital purposes.
"The confidence that both U.S. and Canadian investors have shown in our company is very encouraging," Wambolt said in a press release.
"The proceeds will enable us to continue the rollout of our sector-leading DMDS 5.0 to the music video, award show and television advertising markets in the U.S., Canada and beyond."
The Toronto issuer is a secure digital media distribution company.
| Issuer: | Yangaroo Inc.
|
| Issue: | Units of 20,000 common shares and 10,000 warrants
|
| Amount: | C$2,126,500
|
| Shares: | 2,126.5
|
| Price: | C$1,000.00
|
| Warrants: | 10,000 warrants per unit
|
| Warrant expiration: | Jan. 31, 2012
|
| Warrant strike price: | C$0.10
|
| Investors: | Scott Wambolt (for C$100,000), Ingalls & Snyder LLC (for C$1 million)
|
| Pricing date: | June 21
|
| Settlement date: | Aug. 27
|
| Stock symbol: | TSX Venture: YOO
|
| Stock price: | C$0.07 at close June 21
|
| Market capitalization: | C$7.08 million
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