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YANGAROO Provides Update on Private Placement
(via Thenewswire.ca) TORONTO, CANADA - YANGAROO Inc. (TSX-V: YOO, OTC: YOOIF), the indus...
About this update from Yangaroo Inc.
[{"type":"text","content":"YANGAROO Provides Update on 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\"), wishes to provide an update on the status of its private placement (the \"Private Placement\"), whereby, subject to regulatory approvals, the Company is in the process of raising a minimum of $750,000 (the \"Minimum\") and up to $1,250,000 through the issuance of a minimum of 3,000,000 and up to 5,000,000 subscription receipts (\"Subscription Receipts\") at a price of $0.25, based on the post-consolidation share price, per Subscription Receipt, as was previously announced in a news release dated July 3rd, 2013 (the \"July 3 Release\"). Please see the July 3 Release for details.\n\n\n \nThe Company has secured subscriptions well in excess of the Minimum and is continuing to raise funds pending its anticipated closing in the week of August 26th, 2013. As previously announced, the Company expects that certain directors of the Company will participate in the Private Placement and, as such, this Private Placement shall constitute a related party transaction under Multilateral Instrument 61-101 (\"MI 61-101\") and TSX Venture Exchange Policy 5.9. The Company is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101, based on a determination that the securities of the Company are listed on the TSXV only and that the fair market value of the Private Placement, insofar as it involves interested parties, does not exceed 25% of the market capitalization of the Company at the time the Private Placement was initially announced. No new insiders are anticipated to be created, nor will there any change of control as a result of the Private Placement.\n\n\n \nThe Company also wishes to announce the approval, by approximately 95% of the shareholders of the Company, of the Share Consolidation, as described in the July 3 Release, at its Annual and Special Meeting of the Shareholders, which occurred last Thursday, August 15th, 2013.\n\n\n \nThe Company anticipates that, subject to the approval of the TSX Venture Exchange in each instance, it will complete the Share Consolidation as well as the Shares for Debt Transaction (as defined in the July 3 Release) in the month of September, 2013. Under the Sha...