Business
YANGAROO CLOSES OVERSUBSCRIBED $2.1 MILLION PRIVATE PLACEMENT
YANGAROO CLOSES OVERSUBSCRIBED $2.1 MILLION PRIVATE PLACEMENT
About this update from Yangaroo Inc.
[{"type":"text","content":"\n\n\n\n Aug. 27, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\n/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n\n\nTORONTO, Aug. 27 /CNW/ - YANGAROO Inc. ("YANGAROO" or the "Company") (TSX-V: YOO, OTC: YOOIF), the industry's leading secure digital media distribution company, is pleased to announce that it has completed, with the conditional approval of the TSX Venture Exchange, the private placement of 2,126.5 Units at $1,000 per Unit for gross proceeds of $2,126,500. As previously announced, the Company had anticipated placing up to 1,500 Units for gross proceeds of $1,500,000, however investor demand led the company to increase the size of the offering. Each Unit consists of 20,000 common shares and 10,000 Warrants. The Warrants are exercisable until January 31, 2012, with each whole Warrant entitling the holder to purchase one common share at $0.10. Insiders of the company purchased 120 Units, of which Scott Wambolt, CEO of YANGAROO, acquired 100 Units under his subscription in July. Ingalls & Snyder LLC purchased 1,000 Units and upon closing will own 17% of the issued and outstanding common shares and accordingly be an insider. Fraser Mackenzie Limited acted as a Finder for 1,475 Units and was paid a fee of $102,750 and issued non-transferable warrants to acquire 2,055,000 common shares at $0.10 per share until August 27, 2012. The Company will be making certain filings to satisfy the acceptance requirements of the TSX Venture Exchange. The proceeds of the offering will be used for expansion of marketing and sales and other general working capital purposes.\nThe securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S...