SoMedia Networks Inc: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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SoMedia Networks Inc Announces Brokered Private Placement
SoMedia Networks Inc announced that, further to its announcement made earlier, subject to the approval of the TSX Venture Exchange, the Company intends to complete a brokered private placement (the Private Placement) through its agent, Canaccord Genuity Corp. (the Agent) of up to 1,500 units (the Units) of the Company on the following terms. Each Unit will consist of one unsecured convertible debenture having a principal amount of CAD1,000 (the Debenture) and 700 share purchase warrants (the Warrants) of the Company, for aggregate gross proceeds of up to $1,500,000. Each Warrant is exercisable for one common share of the Company at an exercise price of $0.75, for a period of 3 years from the date of its issuance. The term of the Debentures will be 5 years, and will accrue interest at 12% per annum, payable quarterly. The Debentures will be convertible into common shares of the Company at the option of the holder anytime prior its maturity date at a price of $0.65 per common share. The proceeds of the Private Placement will be used for general working capital purposes.
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