Cricket Media Completes Additional Tranche of Non-Brokered Private Placement

WASHINGTON, DC--(Marketwired - Apr 23, 2014) - Cricket Media (TSX VENTURE: CKT) ("Cricket" or the "Company") announces that it has completed an additional tranche of its previously announced non-brokered private placement (the "Offering") and issued 11,058,000 units of the Company (each, a "Unit") at a price of C$0.075 per Unit for gross proceeds of C$829,350. Each Unit consists of one voting common share of the Company and one-third of one voting common share purchase warrant (each whole warrant, a "2014 Warrant"). Each 2014 Warrant entitles the holder to purchase one additional voting common share of the Company at a price of C$0.075 until August 31, 2014. 

The Units issued under this tranche of the Offering were issued to Thomas Middelhoff who is leading the Company's international initiatives. Pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the issuance of the Units to Mr. Middelhoff is a "related party transaction" for the Company. The Company is relying on the exemption from the formal valuation requirements of MI 61-101 contained in section 5.5(b) of MI 61-101 and is relying on the exemption from the minority shareholder approval requirements of MI 61-101 contained in section 5.7(a) of MI 61-101. 

"We have invested aggressively in international markets and Thomas has been an important part of those efforts," said Katya Andresen, CEO of Cricket Media. "We welcome his increased investment in the Company at the same time as we are beginning to see the benefits of his work on our behalf. With our greater focus on the media side of the business, Thomas's experience in building global media businesses is increasingly valuable." 

The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from those registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.