Mr. Brendon Grunewald reports
MOOVLY MEDIA ANNOUNCES PRIVATE PLACEMENT
Moovly Media Inc. has arranged a brokered private placement of units at a price of 15 cents per unit for gross proceeds of up to $2.1-million. Each unit will comprise one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase a common share at a price of 25 cents per share for a period of one year from the date of issuance.
Leede Jones Gable Inc. has been engaged as the exclusive agent of the corporation to offer the units on a commercially reasonable efforts basis. The company has granted the agent an option to sell up to an additional $315,000 of units at a price of 15 cents per unit.
All of the securities issued under the private placement will be subject to a four-month resale restriction. The completion of the proposed private placement remains subject to the approval of the TSX Venture Exchange and the satisfaction of other customary closing conditions.
The net proceeds from this offering are expected to be used to finance sales and marketing growth of the company, and accelerate commercialization of two key products groups, as well as for general corporate purposes.
Moovly is a cloud-based multimedia platform that enables people to create engaging multimedia content by making it affordable, intuitive and simple. Users choose from extensive animated content libraries in various styles and can add their own images, movies and sounds to create captivating videos and presentations. Finished work is published on major social channels like Facebook and YouTube, shared for viewing or editing in the on-line Moovly User Gallery or downloaded with the click of a button.
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