LONGUEUIL, QC, Feb. 10 /CNW Telbec/ - Section Rouge Media Inc. (TSX-V: SRO) announces the preparation of a financing for a maximum of $500,000 through private placement. The proceeds of this offering will be affected to the corporation's working capital as well as on update work of the web site of its agriculture publication.
This financing will consist of a maximum of 25,000,000 units. Each unit, priced at $0.02, will include one common share and one common share purchase warrant, each warrant exercisable to purchase one additional share at $0.05 per share for the first year and at $0.10 per share for the second year following the closing of this private placement. The units will be issued pursuant to applicable prospectus and registration exemptions and will be subject to a four-month hold period.
This financing is subject to the approval from regulatory authorities.
Also, the Board of Directors of the corporation has granted pursuant to its Stock Options Plan 1,800,000 stock options to directors and officers at an exercise price of $0.10 per share. The options expire 48 months from the date of grant and are subject to the required four-month hold period following the grant.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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