iSIGN Media Solutions Inc. Closes Second Tranche of Previously Announced Private Placement
December 30 2010 - 6:03PM
Marketwired
iSIGN Media Solutions Inc. ("iSIGN" or "Company") (TSX VENTURE:
ISD), is pleased to announce that it has closed the second tranche
of a previously announced non-brokered private placement (the
"Second Tranche"), raising gross proceeds of $636,980.00.
iSIGN closed the Second Tranche for total gross proceeds of
$636,980. The Company completed the Second Tranche on December 30,
2010, by issuing 3,184,900 Units at a price of $0.20 per Unit. Each
Unit consists of one Common Share in the capital of iSIGN and one
half of one Warrant. Each whole Warrant entitles the holder thereof
to acquire one Common Share at an exercise price of $0.30 per share
until December 30, 2012. All securities are subject to a four-month
hold period.
In connection with the closing of the Second Tranche, the
Company paid cash commissions equal to ten percent (10%) of a
portion of the gross proceeds realized by the Company from the
Second Tranche. As additional compensation, the Company issued
finder's warrants ("Finder's Warrant") equal to ten percent (10%)
of a portion of the Units sold pursuant to the Second Tranche to
arms length parties. Each Finder's Warrant entitles the holder
thereof to acquire one Unit at a price of $0.20 per unit per Finder
Warrant held, until December 30, 2012. All securities are subject
to a four month hold period.
The proceeds of the Second Tranche will be used by the Company
to fund general working capital, including marketing and research
and development.
About iSIGN Media
iSIGN is a leading developer of location-based interactive
proximity advertising solutions that deliver rich media, permission
based messages, free of charge to cell and smart phones using
Bluetooth connectivity. The Company's patent-pending advertising
platform combines the precision of direct marketing and the
tracking potential of the Web to deliver more cost effective and
ROI-driven advertising than is possible via print, radio and
television. iSIGN is based in Richmond Hill, Ontario with R&D
and customer support operations in Vancouver, BC. iSIGN is publicly
traded in Toronto (TSX.V) under the symbol "ISD". Additional
information about iSIGN Media can be found at
www.isignmedia.com.
Forward-Looking Statements
This news release includes certain forward-looking statements
that are based upon current expectations, which involve risks and
uncertainties associated with iSIGN Media's business and the
environment in which the business operates. Any statements
contained herein that are not statements of historical facts may be
deemed to be forward-looking, including those identified by the
expressions "anticipate", "believe", "plan", "estimate", "expect",
"intend", and similar expressions to the extent they relate to the
Company or its management. The forward-looking statements are not
historical facts, but reflect iSIGN Media's current expectations
regarding future results or events. These forward-looking
statements are subject to a number of risks and uncertainties that
could cause actual results or events to differ materially from
current expectations, including the matters discussed under "Risks
and Uncertainties" in the Filing Statement filed on October 9th,
2009 with the regulatory authorities. iSIGN Media assumes no
obligation to update the forward-looking statements, or to update
the reasons why actual results could differ from those reflected in
the forward-looking statements.
© 2009 iSIGN Media Solutions Inc. All Rights Reserved. All other
trademarks and trade names are the property of their respective
owners.
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 this release.
Contacts: iSIGN Media Solutions Inc. Alex Romanov Chief
Executive Officer (905) 780-6200 extension 1 alex@isignmedia.com
www.isignmedia.com
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