Graniz Mondal Inc. enters into letter of intent with DigiScreen Corporation

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[{"type":"text","content":"\n\n\n\nNEX: GRA.H\n\n\nTORONTO, April 9 /CNW/ - Graniz Mondal Inc. ("Graniz") (NEX: GRA.H)\nannounces that it has entered into a non-binding letter of intent with\nDigiScreen Corporation ("DigiScreen", www.digiscreen.ca), a private\nMontreal-based corporation specializing in creating and administering digital\nnetworks for the international distribution and presentation of independent\nfilm and alternative content, such as opera and musical concerts. The letter\nof intent contemplates that the parties will conduct a reverse take-over or\nother business combination (a "Transaction") whereby Graniz would acquire\nDigiScreen from DigiScreen's shareholders in exchange for approximately 50% of\nthe common shares of Graniz ("Graniz Shares") issued and outstanding after the\ncompletion of the Transaction (on a non-diluted basis and after taking into\naccount the private placement described below). It is contemplated that the\ncompletion of the Transaction be conditional upon a private placement of\ncommon share units at prices (and subject to terms and conditions) to be\ndetermined, for aggregate gross proceeds of $2,000,000 (the "Private\nPlacement"). It is proposed that the securities issued in the Private\nPlacement would convert on a one-for-one basis into shares of Graniz upon\ncompletion of the Transaction, on the basis of one post-Transaction share so\nissued being valued at $0.25 per share.\n\n\nUpon the completion of the Transaction, Mr. Daniel Langlois and Mr.\nCampbell Becher will be appointed to the board of directors of Graniz, and Mr.\nLanglois will be appointed as the non-executive Chairman of the board of\ndirectors of Graniz.\n\n\nIn connection with the Transaction, Graniz has agreed to advance up to\n$250,000 to DigiScreen as a loan for the payment of Transaction-related and\noperational expenses to be incurred by DigiScreen, so as to permit the\ncontinued operation of DigiScreen while the transactions contemplated in the\nletter of intent are being pursued. An initial advance of $25,000 will be made\nimmediately, and the balance would be available after approval of the TSX\nVenture Exchange is obtained. The parties contemplate paying a 5% finder's fee\nin connection with the loan from Graniz to DigiScreen, as well as issuing\n200,000 Graniz Shares upon completion of ...

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