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iSIGN Media Announces its Withdrawal of the Letter of Intent to Acquire Coxcom and Sat Reach and Cancellation of the Related $1.5 Million Private PlacementTORONTO, Aug. 12, 2019 (GLOBE NEWSWIRE) -- iSIGN Media Solutions Inc. (“iSIGN” or “Company”) (TSX-V: ISD) (OTC: ISDSF), a leading provider of interactive mobile proximity marketing and public security alert solutions, today announced they have rescinded the non-binding Letter of Intent (“LOI”) signed with Coxcom Inc. (“Coxcom”) and its parent, Sat Reach Inc. (“Sat Reach”) on April 12, 2019 due to the failure of the parties to fully agree upon terms and conditions in the definitive Share Purchase Agreement. With the withdrawal of the LOI, iSIGN will not be looking to complete the previously announced $1.5 million funding that was to be used to retire Sat Reach and Coxcom debt of $1.1 million and provide working capital for the companies. Further, iSIGN is announcing their intention to complete a smaller non-brokered raise of up to $250,000 to provide bridge financing to the expected arrival of contracts and payments from its major reseller in the United States. iSIGN expects that the pricing will be $0.08, for up to 3,125,000 units in the Company, with each unit consisting of one common share of the Company and one common share purchase warrant that would entitle the holder to purchase one common share at a price of $0.12 for a period of 12 months from the date of close. The completion of the private placement would be subject to receipt of TSX Venture Exchange approval.
Forward-Looking Statements © 2019 iSIGN Media Solutions Inc. All Rights Reserved. All other trademarks and trade names are the property of their respective owners. Company contacts: Joe Kozar Neither the TSX Venture Exchange nor Its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy of this release.
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