MediaValet Announces Warrant Exercise
Vancouver, British Columbia--(Newsfile Corp. - September 13, 2022) - MediaValet Inc. (TSX: MVP) (the Company), a leading provider of enterprise digital asset management, video content management and creative operations software, is pleased to announce that holders of all outstanding warrants to acquire common shares of the Company ("Common Shares") have exercised such warrants, resulting in aggregate proceeds of $2,058,446.70. In its third quarter of fiscal 2022, 1,315,735 warrants were exercised for proceeds of $1.18 million, 591,380 warrants for proceeds of $0.53 million in its second quarter and 380,047 warrants for proceeds of $0.34 million in its first quarter.
The warrants were originally issued in conjunction with a September 12, 2019 financing with an expiry on September 12, 2022. None of the warrants expired and there are no warrants remaining outstanding. The total number of shares outstanding after the exercise were 40,775,122 shares.
In connection with the exercise of the warrants, Officers and Directors of the Company acquired Common Shares as follows:
|Officer / Director||Common Shares Acquired||Post-Exercise Holdings||Ownership Percentage|
|David MacLaren, CEO||476,190||3,384,260||8.30%|
|Robert Chase, Exec Chair||952,380||3,607,801||8.85%|
|Thomas Kenny, Director||504,914||1,081,494||2.65%|
|Bob Garnett, Director||19,047||70,334||0.17%|
"We would like to thank our investors for their continued support," commented Dave Miller, CFO of MediaValet. "As communicated previously, we calibrated our operational cost plan to achieve a balance between our DAM market opportunity and our available growth capital resources. Proceeds from our outstanding warrants were a key component of this growth capital. In addition, we reported record net new annual recurring revenue ("NNARR") in our first half of 2022, with NNARR up 146% from the first half of 2021. Combined, these events have put us ahead of our balanced operational growth plan."
About MediaValet Inc.
MediaValet stands at the forefront of the cloud-native, software-as-a-service, enterprise digital asset management, video content management and creative operations industries. Built exclusively on Microsoft Azure and available across 61 Microsoft data center regions in 140 countries around the world, MediaValet delivers unparalleled enterprise-class security, reliability, redundancy, compliance, and scalability; while offering the largest global footprint of any DAM solution. In addition to providing enterprise, cloud-native DAM capabilities at a global scale, desktop-to-server-to-cloud support for creative teams, and overall cloud redundancy and management for all source, WIP and final assets, MediaValet offers industry-leading integrations into Slack, Adobe Creative Suite, Microsoft Office 365, Wrike, Drupal, WordPress and many other best-in-class 3rd party applications.
For further information, please contact:
Tel: (604) 688-2321
Tel: (416) 644-5081
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