|By Marketwired .||
|June 12, 2014 03:23 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 06/12/14 -- YANGAROO Inc. (TSX VENTURE:YOO)(OTCBB:YOOIF), the industry's leading secure digital media distribution company (the "Company"), is pleased to announce that it has completed the first tranche (the "First Tranche") of its brokered private placement financing (the "Private Placement") of common shares (the "Shares") sold at a price of $0.30 per Share, as was previously announced in a news release dated May 30th, 2014. Under the First Tranche, the Company raised gross proceeds of CAD $1,216,000.10 (the "Proceeds"), which the Company will use primarily for working capital and accelerating growth in the advertising division. The Company issued 4,053,334 Shares pursuant to the First Tranche of the Private Placement.
While the Company is entitled to raise up to $2,000,000 (the "Maximum Amount") through the issuance of up to 6,666,667 Shares under this Private Placement, the Company has decided that it's in the best interest of the Company and its shareholders to limit the maximum gross aggregate proceeds to $1,600,000. The Company will accommodate a single investor who requires additional time to subscribe. The Company anticipates the final closing to occur on or before July 29th, 2014.
In respect of the First Tranche, the Company paid agent's commissions/finder's fees consisting of an aggregate of $85,120.01 plus expenses and issued 283,734 broker's warrants, which are exercisable for a period of 24 months at an exercise price of $0.30.
All securities issued to purchasers and agents/finders under the First Tranche are subject to a four-month hold period pursuant to securities legislation and the policies of the TSX Venture Exchange, beginning as of June 11th, 2014.
YANGAROO is a company dedicated to digital media management. YANGAROO's patented Digital Media Distribution System (DMDS) is a leading secure B2B digital cloud based solution focused on the music and advertising industries. The DMDS solution provides more accountable, effective, and far less costly digital management of broadcast quality media via the Internet. It replaces the physical, satellite and closed network distribution and management of audio and video content, for music, music videos, and advertising to television, radio, media, retailers, and other authorized recipients. The YANGAROO Awards platform is now the industry standard and powers most of North America's major awards shows.
YANGAROO has offices in Toronto, New York, and Los Angeles. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTCBB: YOOIF.
The statements contained in this release that are not purely historical are forward-looking statements and are subject to risks and uncertainties that could cause such statements to differ materially from actual future events or results. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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