Business
QYOU Media to Complete $1.8 Million Financing
Toronto, Ontario, Los Angeles, California and Mumbai, India--(Newsfile Corp. - July 14, 2020) ...
About this update from Qyou Media, Inc.
[{"type":"text","content":"QYOU Media to Complete $1.8 Million FinancingToronto, Ontario, Los Angeles, California and Mumbai, India--(Newsfile Corp. - July 14, 2020) - QYOU Media Inc. (TSXV: QYOU) (OTCQB: QYOUF) (\"QYOU\" or the \"Company\") announced today it will close the final tranche of its offering of units of the Company (\"Units\") for an additional 13,779,333 Units at a price of $0.03 per Units for proceeds of $413,380, bringing total aggregate gross proceeds to $1,820,000. The closing is subject to the approval of the TSX Venture Exchange.Each Unit is comprised of one common share in the capital of the Company and one-half of one common share purchase warrant exercisable at $0.05 per share until June 30, 2022.The proceeds derived from the sale of the Units will be used for continued investment in the Company's subsidiary, QYOU India, and working capital for the Company.The Company also announces it completed a first tranche of its previously announced (see QYOU news release dated June 29, 2020) non-brokered private placement of Units on July 10, 2020 for gross proceeds of approximately $1,406,620 (the \"Tranche\"). The Company issued a total of 46,887,333 Units at a price of $0.03 per Unit in connection with the Tranche. The Company intends to pay Finder's Fees of 7% cash and 7% broker units in connection with the financing.All of the securities issuable in connection with the offering are subject to a hold period expiring four months and one day after the date of issuance in accordance with Canadian securities laws.The offering also includes a subscription by G. Scott Paterson, Chairman of the Company, for 2,500,000 Units, representing a $75,000 investment. After giving effect to the subscription, Mr. Paterson controls 29,596,534 shares or securities convertible into shares, representing 11.70% of the issued and outstanding shares on a partially diluted basis. Since the date of Mr. Paterson's previous early warning report on January 15, 2020, Mr. Paterson has acquired control over 6,033,700 shares or securities convertible into shares on a net basis, representing 2.38% of the outstanding shares on a partially diluted basis. For more information, or to obtain a copy of the subject early warning report, please contact Kevin Williams, Chief Financial Officer at 647 693 7380 ext. 317.The securities being offered pursuant to the offering have not be...