Digital Shelf Space Announces Closing of First Tranche of Financing
May 17 2011 - 7:30AM
Marketwired
Digital Shelf Space Corp. (the "Company" or "DSS") (TSX VENTURE:
DSS) is pleased to announce that further to its news release dated
April 21, 2011, the Company has closed the first tranche of its
non-brokered private placement (the "Offering") and issued
5,575,307 units at a price of $0.22 per unit for gross proceeds of
approximately $1.2 million dollars. Each unit consists of one
common share and one half common share purchase warrant. Each whole
purchase warrant entitles the holder to purchase one common share
of the Company at the price of $0.30 per common share on or before
the date occurring 18 months following the closing of the Offering
(the "Offering Warrants"). In the event the Company's common shares
trade above $0.45 for ten (10) consecutive days, the Offering
Warrants, if unexercised, will expire 30 days thereafter.
CEO and President of DSS Jeffrey Sharpe stated: "We are very
pleased to close the first tranche of this financing and we look
forward to implementing our exciting and strategic advertising
campaign and growth plan for our GSP RUSHFIT brand, along with
driving our overall corporate growth plan as we work to secure new
global brand partners in the creation, production and distribution
of original content."
The Company paid finder's fees totaling $83,076 and issued
225,282 non-transferrable share purchase warrants as finder's fees.
The non-transferrable share purchase warrants issued as finder's
fees have the same exercise price, term and acceleration provisions
as the Offering Warrants.
In accordance with applicable securities legislation, securities
issued pursuant to the Offering are subject to a hold period of
four months plus one day from the date of completion of the
Offering.
The Offering and payment of finders' fees are subject to final
regulatory approval.
Monies raised from this financing will be used toward marketing
and advertising, content development and new projects, software and
IT development, transaction and related expenses, and working
capital and general corporate purposes.
About Digital Shelf Space Corp.
Digital Shelf Space is an independent producer of home
entertainment content and online delivery technology provider to
digital retailers, content owners and aggregators. Digital Shelf
Space's proprietary technology platform has been custom built to
deliver home entertainment content directly to consumers. The
platform blends e-commerce functionality and paid DVD, digital
download and streaming video delivery. For more information please
visit www.digitalshelfspace.com and to view our recently launched
project with Georges St-Pierre, please visit
www.gsprushfit.com.
ON BEHALF OF THE BOARD
Jeffrey Sharpe, President & CEO
Forward Looking Statements
This news release contains "forward-looking information" within
the meaning of the Canadian securities laws. Forward- looking
information is generally identifiable by use of the words
"believes", "may", "plans", "will", "anticipates", "intends",
"budgets", "could", "estimates", "expects", "forecasts", "projects"
and similar expressions, and the negative of such expressions.
Forward-looking information in this news release include statements
about the Company's private placement offering.
In connection with the forward-looking information contained in
this news release, Digital Shelf Space has made numerous
assumptions, regarding, among other things, final regulatory
approval of the private placement offering. While Digital Shelf
Space considers these assumptions to be reasonable, these
assumptions are inherently subject to significant uncertainties and
contingencies.
Additionally, there are known and unknown risk factors which
could cause Digital Shelf Space's actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information contained herein. Known risk factors
include, among others: the private placement offering may not
receive regulatory approval; reliance on the health and
marketability of celebrity fitness talent in productions owned by
Digital Shelf Space; actual results from the use of celebrity
fitness products may differ substantially from anticipated results;
the substantial investment of capital required to produce and
market video and entertainment productions, limitations imposed by
our financing abilities, unpredictability of the commercial success
of our programming, difficulties in integrating technological
changes and other trends affecting the entertainment industry.
A more complete discussion of the risks and uncertainties facing
Digital Shelf Space is disclosed in Digital Shelf Space's Filing
Statement dated November 16, 2010 and continuous disclosure filings
with Canadian securities regulatory authorities at www.sedar.com.
All forward-looking information herein is qualified in its entirety
by this cautionary statement, and Digital Shelf Space disclaims any
obligation to revise or update any such forward-looking information
or to publicly announce the result of any revisions to any of the
forward-looking information contained herein to reflect future
results, events or developments, except as required by law.
Neither 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 adequacy or
accuracy of the release.
Contacts: Digital Shelf Space Corp. Jeff Sharpe President and
CEO 604.736-7977 604.736-7944 (FAX) jeff(at)digitalshelfspace.com
www.digitalshelfspace.com Investor Cubed Inc. Investor Relations
(647) 258-3311 or Toll Free: (888) 258-3323 (416) 363-7977 (FAX)
info(at)investor3.ca
Movit Media Corp (TSXV:DSS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Movit Media Corp (TSXV:DSS)
Historical Stock Chart
From Jul 2023 to Jul 2024