YANGAROO Announces Closing of Private Placement

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[{"type":"text","content":"YANGAROO Announces Closing of Private Placement(via Thenewswire.ca)\n\n \nTORONTO, CANADA - YANGAROO Inc. (TSX-V: YOO, OTC: YOOIF), the industry's leading secure digital media management company (the \"Company\"), is pleased to announce that it has completed the brokered private placement financing (the \"Private Placement\") of subscription receipts (the \"Subscription Receipts\") sold at a price of $0.25 per Subscription Receipt, based on the post-consolidation share price, as was previously announced in a news release dated July 3rd, 2013 (the \"July 3 Release\"), with subsequent updates issued on August 2, 2013 (the \"Aug 2 Release\") and August 22, 2013 (the \"Aug 22 Release\", together with the July 3 Release and the Aug 2 Release, the \"Releases\"). Please see the Releases for details. \n\n\n \nThe Company is also pleased to announce that it exceeded its original expectations as it neared the closing of the Private Placement. To accommodate an additional investor, and with the approval of the TSX Venture Exchange (the \"Exchange\") with respect to the increased maximum amount of the Private Placement, the Company raised gross proceeds of CAD $1,600,000 (the \"Proceeds\"), the majority of which were deposited into escrow with Equity Financial Trust Company (\"Equity\"), an escrow agent today, September 5th, 2013, to be held until their release upon the satisfaction by the Company of the Release Conditions (as defined in the July 3 Release), or otherwise returned in the event that the Release Conditions are not satisfied, in accordance with the Subscription Receipt Agreement. A small amount of the Proceeds, as delivered by certain insiders of the Company, shall be subject to the same or substantially similar terms and conditions as those delivered under the Subscription Receipt Agreement, but shall not be held by Equity. \n\n\n \nUpon satisfaction of the Release Conditions, each Subscription Receipt will be automatically converted into one common share (each the \"Common Share\") of the Company and one warrant of the Company (each the \"Warrant\"). Each Warrant will entitle the holder, upon exercise, to purchase one Common Share during a period of thirty-six (36) months (the \"Warrant Exercise Period\") following the Conversion Date (the Warrant Expiry Date\"), at a price of $0.25 within the first year of the Warrant Exerci...

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