|By Business Wire||
|July 18, 2014 09:30 AM EDT||
SoMedia Networks Inc. (TSX-V:VID) (“SoMedia,” the “Company”), the pioneer of high volume crowdsourced video production, is pleased to announce the intention to complete a non-brokered private placement (the "Private Placement") of up to 3,750,000 units (the “Units”) at a price of $0.20 per Unit for gross proceeds of up to $750,000. Each Unit shall consist of one common share in the capital of the Company (a “Share”) and one half of one common share purchase warrant (each full common share purchase warrant, a “Warrant”). Each Warrant will be exercisable to acquire one Share of SoMedia at an exercise price of $0.35 per Share for a period of two years from the date of issuance.
The Company may pay finder's fees in connection with the Private Placement, subject to compliance with the policies of the TSX Venture Exchange (the "Exchange"). Completion of the Private Placement remains subject to the approval of the TSX Venture Exchange. All securities issued under the Private Placement will have a four month statutory hold period. The proceeds of the Private Placement will be used for general working capital purposes.
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. This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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