Business
QYOU Media Inc. Completes $11.5 Million Bought Deal Financing
Including Exercise by the Underwriters of Full $1.5 Million Over-Allotment Option Toronto, On...
About this update from Qyou Media, Inc.
[{"type":"text","content":"QYOU Media Inc. Completes $11.5 Million Bought Deal FinancingIncluding Exercise by the Underwriters of Full $1.5 Million Over-Allotment OptionToronto, Ontario and Mumbai, India and Los Angeles, California--(Newsfile Corp. - February 25, 2021) - QYOU Media Inc. (TSXV: QYOU) is pleased to announce that it has closed its previously announced bought deal short form prospectus offering, including the full exercise of the underwriters' over-allotment option. In connection with the offering, QYOU Media issued a total of 41,071,560 units of in the capital of QYOU Media. The units were sold at a price of $0.28 per unit for aggregate gross proceeds of $11,500,037. The offering was underwritten by Clarus Securities Inc., Canaccord Genuity Corp. and Gravitas Securities Inc.As a joint statement, QYOU Media Co-Founders, G. Scott Paterson, Board Chair and Curt Marvis, Chief Executive Officer, said, \"We are thrilled to be supported by a group of prestigious investment firms and individuals who understand the tremendous potential of what we are building at QYOU Media. This marks the beginning of what we believe will be a new phase of growth for our business units in India and the United States. This growth emanates from a foundation of strong partnerships, distribution, monetization opportunities and most of all… great people making great content. We look forward to 2021 being a breakout year for our business and our partners.\"Each unit consisted of one common share in the capital of QYOU Media and one-half of one common share purchase warrant. Each whole warrant will entitle the holder thereof to acquire one common share of QYOU Media at a price of $0.45 per share until February 25, 2022.The offering also includes a subscription by G. Scott Paterson, Co-Founder and Chairman of QYOU Media, for 257,142 units, representing a $72,000 investment.The net proceeds from the offering are expected to be used towards (i) QYOU Media's United States influencer marketing business; (ii) the continued build-out of QYOU Media's Indian operations; and (iii) working capital and general corporate purposes. For additional details regarding the use of proceeds of the offering, please see QYOU Media's final short form prospectus dated February 22, 2021, which is available under QYOU Media's profile on SEDAR at www.sedar.com.Subscriptions by insiders of QYOU ...