iSIGN Media Solutions Inc., 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.
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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.
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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.
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