iSIGN Media Announces Closing of the First Tranche of its Previously Announced Private Placement of up to $1.2 million for Software Development/Enhancement and Operations
TORONTO, Aug. 06, 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 has closed the first tranche (the “First Tranche”) of its previously announced non-brokered private placement (“Placement”) of up to $1.2 million.
The Company completed the First Tranche of the Placement for total gross proceeds of $722,510 by issuing 14,450,200 Units (“Units”) at a price of $0.05 per Unit. Each Unit consists of one Common Share of the Company (each a “Common Share”, collectively, the “Common Shares”) and one common share purchase warrant (each warrant referred to herein as a “Warrant” and collectively, the “Warrants”). Each Warrant entitles 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.
Participants in this placement include Alex Romanov and Bruce Reilly, who are deemed to be “related parties”, 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 Interim Chief Executive Officer and Chief Financial Officer and Director.
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.
The proceeds of the Placement will be for enhancements to existing technologies and new software development, as well as for operational purposes.
Existing technology enhancements will include the creation of a unified backend (dashboard) platform to consolidate all existing solutions into a single user-friendly interface, as opposed to separate backend for each of iSIGN’s products. Additionally, the Company will be updates its Smart Antennas and Smart Pods to seamlessly deploy with the new backend.
Additionally, the Company will continue with the development and completion of its mobile vaccination certifier, which will be integrated with the unified backend platform allowing for faster and greater data capture.
About iSIGN Media
iSIGN, a Canadian company based in Toronto (Richmond Hill), Ontario is a data-focused, software-as-a-service (SaaS) company that is a pioneering leader in the areas of location-based security alert messaging and proximity marketing utilizing Bluetooth® and Wi-Fi connectivity in complete privacy. Creators of the Smart suite of products, a patented interactive proximity marketing technology, iSIGN enables the delivery of messages to mobile devices in proximity, with real-time reporting and analytics on a variety of metrics. 2019 winner of Richmond Hill’s Innovator of the Year award. Partners include IBM, Keyser Retail Solutions, Baylor University, Verizon Wireless, TELUS and Mtrex Network Solutions. www.isignmedia.com
This news release may include 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. 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.
© 2021 iSIGN Media Solutions Inc. All Rights Reserved. All other trademarks and trade names are the property of their respective owners.
iSIGN Media Solutions Inc.
iSIGN Media Solutions Inc.
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