15:05:07 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



ePals Corp
Symbol CKT
Shares Issued 108,308,886
Close 2014-04-22 C$ 0.055
Market Cap C$ 5,956,989
Recent Sedar Documents

ePals completes $829,350 tranche of financing

2014-04-23 15:21 ET - News Release

Ms. Katya Andresen reports

CRICKET MEDIA COMPLETES ADDITIONAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

ePals Corp., doing business as Cricket Media, has completed an additional tranche of its previously announced non-brokered private placement and issued 11,058,000 units of the company at a price of 7.5 cents per unit for gross proceeds of $829,350. Each unit consists of one voting common share of the company and one-third of one voting common share purchase warrant. Each 2014 warrant entitles the holder to purchase one additional voting common share of the company at a price of 7.5 cents until Aug. 31, 2014.

The units issued under this tranche of the offering were issued to Thomas Middelhoff, who is leading the Company's international initiatives. Pursuant to Multilateral Instrument 61-101, Protection of Minority Securityholders in Special Transactions, the issuance of the units to Mr. Middelhoff is a related party transaction for the company. The company is relying on the exemption from the formal valuation requirements of MI 61-101 contained in Section 5.5(b) of MI 61-101 and is relying on the exemption from the minority shareholder approval requirements of MI 61-101 contained in Section 5.7(a) of MI 61-101.

"We have invested aggressively in international markets, and Thomas has been an important part of those efforts," said Katya Andresen, chief executive officer of Cricket Media. "We welcome his increased investment in the company at the same time as we are beginning to see the benefits of his work on our behalf. With our greater focus on the media side of the business, Thomas's experience in building global media businesses is increasingly valuable."

All securities issued pursuant to this tranche of the offering are subject to a four-month hold period expiring on Aug. 24, 2014.

We seek Safe Harbor.

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