iSIGN Media Announces a Private Placement of $64,000
TORONTO, Nov. 20, 2020 (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 announced that it intends to complete a non-brokered private placement (“Placement”) for aggregate gross proceeds of $64,000 with its Chief Executive Officer, Joe Kozar.
Under the terms of the Placement the Company will issue 1,280,000 Units at a price of $0.05 per Unit. Each Unit consists of one Common Share of the Company (each a “Common Share” and collectively, the “Common Shares”) and one common share purchase warrant (each warrant referred to herein as a “Warrant” and collectively, the “Warrants”). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.075 for a period of 24 months from the date of closing. All securities are subject to a four month hold period.
Mr. Kozar is deemed to be a “related party”, as such term is defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”), being the Company’s Chief Executive Officer and currently holding approximately 15% of the Company’s issued and outstanding common shares of the Company.
For this transaction, the Company has relied on the exemption from the formal valuation requirements of MI 61-101 contained in section 5.5(a) of MI 61-101 and has relied on the exemption from the minority shareholder approval requirements of MI 61-101 contained in section 5.7(a) of MI 61-101.
This Placement is subject to the approval of the TSX Venture Exchange (“Exchange). The Company will issue these shares, which are subject to a four month hold period once approval has been received from the Exchange. The proceeds of the Placement will be for operational purposes.
About iSIGN Media
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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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