VANCOUVER, British Columbia, Feb. 22, 2018 (GLOBE NEWSWIRE) -- MediaValet Inc. (TSX-V:MVP) (the “Company”), a leading provider of cloud-based digital asset management software, announces that it has completed its brokered and non-brokered private placements of common shares (the “Financings”) previously announced on December 20, 2017 and January 24, 2018, for total gross proceeds of $8,603,512.
MediaValet issued 143,391,864 common shares pursuant to the Financing. The brokered portion of the Financing was co-lead by Canaccord Genuity and Gravitas Securities. The Company paid a cash commission of $460,709 and issued 7,678,487 warrants to the agents and other parties who assisted the Company in the Financing. The warrants issued are exercisable for a period of 24 months, at a price of $0.06 per share if exercised in the first 12 months and thereafter at a price of $0.09 per share.
The Company intends to use part of the proceeds of the Financings to settle approximately $3,180,000 in outstanding indebtedness, including $2,610,000 owed to Insiders of the Company.
All securities issued in connection with the Financings are subject to a statutory hold period expiring June 22, 2018.
About MediaValet Inc.
MediaValet stands at the forefront of the cloud-based digital asset management industry. Built exclusively on Microsoft Azure and available on 44 highly secure, redundant and hyper scalable data centers around the world, MediaValet is uniquely equipped to meet the digital asset management needs of any organization, no matter its size, its industry or its location. Cutting-edge technology, exceptional product design, and unlimited customer service are at the core of MediaValet’s DNA – ensuring exceptional customer and user experiences are delivered at all times.
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For further information, please contact:
David MacLaren, CEO | david.maclaren@mediavalet.com | Tel: (604) 688-2321
Babak Pedram, Investor Relations | babak.pedram@mediavalet.com | Tel: (416) 644-5081
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 adequacy or accuracy of this release.