iSIGN Media Announces a Proposed Private Placement of Up to $6.9 Million
TORONTO, June 04, 2021 (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 offering (“Offering”) for aggregate gross proceeds of up to $6.9 million.
Under the terms of the Offering the Company will issue up to 138 million 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 issued would be subject to a four month hold period.
As part of this Offering, the Company has signed a binding term sheet with Aaron Lyon Phillips (“Phillips”), pursuant to which Phillips has agreed to subscribe for $6.4 million worth of Units under the Offering or approximately 128 million Units. Assuming completion of the Offering in full, Phillips would own approximately 45% and 60% of the issued and outstanding common shares of the Company on a non-diluted and partially diluted basis, respectively. Pursuant to the policies of the TSX Venture Exchange, completion of the Offering will be subject to receipt of shareholder approval as the Offering will result in Phillips owning more than 20% of the issued and outstanding common shares of the Company. To be approved, the Offering must be approved by at least a majority of disinterested shareholders at a shareholders meeting or by way of written consent. The Company expects to obtain shareholder approval through written consent.
Mr. Phillips is the founder and Chief Executive Officer of Ap1 Inc. He has 25 years experience in network infrastructure and over 10 years experience in prximity and location services. He has in- depth work experience in the location services industry and is the holder of a number of patents. He is a pioneer in the development of IT networking software and development of Commercial Bulletin Board services prior to the advent of the World Wide Web. Complementary to this, he has a plethora of experience in Operations Management, conceptualization and development of cutting-edge business software. He is also an industry leader in the field of integrating traditional and web-based marketing strategies for enterprise level organizations.
Funds raised by this Offering will be used to retire debt related to advances, loans and convertible debentures; for general operational and sales/marketing purposes, including the hiring of public relations and investor relations companies; and for restructuring of the Corporation’s management structure.
About iSIGN Media
© 2021 iSIGN Media Solutions Inc. All Rights Reserved. All other trademarks and trade names are the property of their respective owners.
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.
How to Use Asset Tracking to Enable The Smart Supply Chain: Fireside Chat w/ NimbeLink and Smart Logistics
The Cybersecurity Opportunity for MSPs
Is Cyberinsurance Worth It?