Knightscove Media Corp. Announces Modification to Private Placement Financing
July 06 2011 - 5:04PM
Marketwired
Knightscove Media Corp. (TSX VENTURE: KC.A)(TSX VENTURE: KC.B)
("Knightscove") is pleased to announce that, further to its
previously issued press release of May 19, 2011, it now intends
only to complete a non-brokered private placement financing of
units ("Units") at a price of $0.10 per Unit for gross proceeds of
up to CDN$650,000.00 (the "Offering"). Knightscove is confident
that completion of the reduced Offering will be sufficient to
satisfy its capital requirements at this time thus preventing
unnecessary dilution for its shareholders at the Offering price.
Taking part in the Offering will be certain directors and
related insiders of Knightscove, among others. Each Unit shall
consist of one subordinate voting share ("KC Share") of Knightscove
and one-half of one subordinate voting share purchase warrant
("Warrant"), each whole Warrant entitling the holder to acquire one
KC Share at an exercise price of CDN$0.20 per KC Share for a term
of one year. Knightscove intends to use the net proceeds to reduce
the debt of the Corporation and for present working capital
purposes. Knightscove may pay finder's fees to eligible persons
with respect to the Offering and will be subject to receipt of
regulatory approval.
The KC Shares, the Warrants and the KC Shares issuable upon the
exercise of the Warrants are subject to resale restrictions.
Closing of the Offering is subject to receipt of regulatory
approval, including final TSX Venture Exchange approval.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release or the
information contained herein.
Contacts: Knightscove Media Corp. Leif Bristow President and CEO
(416) 444-7900 x222
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