QYOU Media Completes Non-Brokered Private Placement Offering
Each Unit is composed of one (1) Common Share in the capital of the Company and three-quarters (3/4) of one common share purchase Warrant of the Company. Each whole Warrant entitles the holder thereof to purchase one (1) Common Share at a price of
Net proceeds of the Offering will be used by the Company for: (i) the partial repayment of outstanding loans; (ii) the partial payment of amounts due from the original acquisition of the Company's subsidiary,
The Company has paid an aggregate of
Pursuant to the Offering, directors, officers and insiders of the Company subscribed for 3,334,000 Units. Participation of these related parties in the Offering constitutes "a related party transaction" as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The private placement of Units to the related parties is exempt from the formal valuation and minority approval requirements of MI 61-101 and TSX Venture Exchange Policy 5.9 – Protection of Minority Security Holders in Special Transactions by the application of sections 5.5(a) and (b) and 5.7(1)(a) of MI 61-101 because the Common Shares trade on the TSXV and neither the fair market value of the Units being issued to related parties nor the consideration being paid by the related parties exceeds 25% of the Company's market capitalization as calculated for purposes of MI 61-101. No new insiders were created, nor has there been any Change of Control (pursuant to TSXV rules), as a result of subscriptions for Units under the Offering. The Company did not file a material change report more than 21 days before the expected closing of the Offering, as the details and amounts of the related party participation were not finalized until closer to closing and the Company wished to close the Offering as soon as practicable for sound business reasons.
All securities issued in the Offering, including the Finder's Warrants and the Common Shares and Warrants underlying the Units, which are issuable upon exercise of the Finder's Warrants, will be subject to a four-month plus one day hold period pursuant to applicable Canadian securities laws. The Offering remains subject to the final approval of the
The securities issued pursuant to the Offering have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (
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Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects" and similar expressions which are intended to identify forward- looking statements. More particularly and without limitation, this news release contains forward-looking statements concerning the use of proceeds from the Offering and the receipt of regulatory approvals of the Offering.
Forward-looking statements are inherently uncertain, and the actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Additional risks and uncertainties regarding the Company are described in its publicly available disclosure documents, filed by the Company on SEDAR+ (www.sedarplus.ca) except as updated herein. Readers are further cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements contained in this news release are made as of the date of this news release, and are expressly qualified by the foregoing cautionary statement. Except as expressly required by securities law, the Company undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. Neither the
Neither the
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