iSIGN Media Announces a Proposed Private Placement of up to $1.2 million

Rhea-AI Summary

iSIGN Media Solutions announced a non-brokered offering to raise $1.2 million by issuing up to 24 million Units at $0.05 each. Each Unit consists of one Common Share and a Warrant allowing purchase of another Common Share at $0.075 within 24 months. The offering includes participation from related parties, and the first tranche of $722,510 has been received. Proceeds will fund new software development and enhancements to existing technologies.

Positive

• Successful first tranche of $722,510 received.
• Funding allocated for new software development and technology enhancements.

Negative

• Issuance of up to 24 million Units may dilute existing shareholder value.

TORONTO, July 29, 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 intends to complete a non-brokered offering (“Offering”) for aggregate gross proceeds of $1.2 million.

Under the terms of the Offering the Company will issue up to 24 million Units at a price of $0.05 per Unit. Each Unit consists of one Common Share of the Company (each a “Common Share” and collectively, the “Common Shares”) and one common share purchase warrant (each warrant referred to herein as a “Warrant” and collectively, the “Warrants”). Each Warrant will entitle 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 issued would be 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 Company anticipates closing the full Offering within two weeks, subject to the approval of the TSX Venture Exchange (“Exchange”). Further, the Company advises that it has received the first tranche of $722,510.

The Company will issue these shares, which are subject to a four month hold period once approval has been received from the Exchange.  

The proceeds of the Placement will be for new software development and enhancements to existing technologies and operational purposes.

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

Forward-Looking Statements
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.

Company contacts:

Bruce Reilly
iSIGN Media Solutions Inc.
bruce@isignmedia.com

Neither the 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 accuracy of this release.

FAQ

What is the purpose of iSIGN Media's $1.2 million offering?

The proceeds will be used for new software development and enhancements to existing technologies.

How much has iSIGN Media already raised from the offering?

iSIGN Media has received the first tranche of $722,510.

What are the terms of the units offered by iSIGN Media?

Each Unit consists of one Common Share and one Warrant to purchase another Common Share at $0.075 for 24 months.

Who are the participants in iSIGN Media's offering?

Participants include Interim CEO Alex Romanov and CFO Bruce Reilly, considered related parties.

When is the expected closing date for iSIGN Media's offering?

The company anticipates closing the offering within two weeks, pending TSX Venture Exchange approval.