QYOU Media Completes Private Placement With Incoming Board Member and Vice Chair, Vikas Ranjan, As Lead Order
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
TORONTO and LOS ANGELES and MUMBAI, India, Feb. 12, 2020 (GLOBE NEWSWIRE) -- QYOU Media Inc. (TSXV: QYOU; OTCQB: QYOUF) (“QYOU Media” or the “Company”) announced today it completed its previously announced (see QYOU Media news release dated January 24, 2020) non-brokered private placement of units of the Company (“Units”) on February 11, 2020 for total gross proceeds of $360,000 (the “Offering”). The Company issued a total of 6,000,000 Units at a price of $0.06 per Unit in connection with the Offering. Each Unit is comprised of one common share in the capital of the Company and one common share purchase warrant exercisable at $0.08 per share until February 11, 2022.
Bay Street veteran Vikas Ranjan was the lead order in the Offering, acquiring 1 million Units at $0.06 each in the non-brokered private placement and is an incoming QYOU Media Board Member, subject to shareholder approval at its upcoming shareholders’ meeting. Following such investment, Mr. Ranjan will own approximately 3 million common shares and 2 million warrants to acquire further common shares.
Mr. Ranjan began his career at India’s largest public exchange, The National Stock Exchange, and is one of Canada’s leading experts on capital markets matters related to India. Mr. Ranjan is expected to assist QYOU Media management and the Board in connection with the Company’s exciting prospects in India via its “Q India” television and OTT channel now available via 500 million devices in the country.
The Company paid a total of $25,200 as finder’s fees to certain persons who assisted the Company in connection with the Offering. The Company issued a total of 420,000 compensation options to purchase Units, exercisable at a price per Unit of $0.06 until February 11, 2022, as compensation options in connection with the Offering.
All of the securities issuable in connection with the Offering are subject to a hold period expiring four months and one day after date of issuance.
The Offering is subject to the final approval of the TSX Venture Exchange.
The net proceeds derived from the sale of the Units will be used for working capital and general corporate purposes, including the continued develop of Company’s work in the Indian markets.
The securities offered pursuant to the Offering 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 U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, such securities being offered pursuant to the Offering in any jurisdiction in which such offer, solicitation or sale would be unlawful.