Good Life Networks Announces Closing of $2,117,500 Private Placement of Units
Vancouver, British Columbia--(Newsfile Corp. - July 15, 2019) - Good Life Networks Inc. (TSXV: GOOD) ("GLN" or the "Company"), is pleased to announce the closing of its previously announced "best effort" private placement offering (the "Offering") of units (the "Units"). A syndicate of agents led by Haywood Securities Inc. ("Haywood") and including Echelon Wealth Partners Inc. (together, the "Agents") sold in in connection with the Offering 4,762,500 Units for aggregate gross proceeds of $952,500. In conjunction with the Offering, the Company issued 5,825,000 Units directly to non-brokered subscribers from the President's List, resulting in a total of 10,587,500 Units being issued today for gross proceeds of $2,117,500.
Each Unit consists of one common share of the Company (each, a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable to acquire an additional Common Share at an exercise price of $0.35 for a period of 24 months following the closing of the Offering, subject to acceleration and adjustment in certain circumstances.
As consideration for their services in connection with the Offering, the Agents received a cash fee in the amount of $66,675. The Agents also received an aggregate of 333,375 compensation options (the "Compensation Options"). Each Compensation Option is exercisable to acquire one Common Share at a price of $0.20 per Common Share for a period of 24 months following the closing of the Offering.
In addition, Haywood, for its services in connection with the Offering, received: (i) a corporate finance cash fee in the amount of $62,500, (ii) 195,000 non-transferable corporate finance fee options, which were issued on the same terms as the Compensation Options, and (iii) 125,000 corporate finance fee units, which were issued on the same terms as the Units issued under the Offering.
The Company intends to use the net proceeds of the Offering to complete its potential acquisition of mPlore, LLC ("mPlore"), for day to day operations of the Company and for subsequently expanding the operations of mPlore. The securities issued under the Offering are subject to a four month hold period from the date of closing of the Offering in addition to any other restrictions under applicable law.
The GLN Story
GLN's patent pending technology is the engine that sits between advertisers and publishers. A highlight of GLN's tech is that it does not collect PII (Personal Identifiable Information). Built for cross device video advertising: Mobile, In-App, Desktop and CTV (Connected Television) the GLN Programmatic Video Advertising Platform has among the lowest fraud rates of similar vendors in the industry. Advertisers make more money by reaching their target audience more effectively. GLN makes money by retaining a percentage of the advertiser's fee.
GLN is headquartered in Vancouver, Canada with offices in Newport Beach and Santa Monica California, and the UK and trades on the TSXV under the stock symbol "GOOD" and The Frankfurt Stock Exchange under the stock symbol 4G5. For further information on the Company, visit www.glninc.ca.
For Further information please contact:
CEO Jesse Dylan
604 265 7511
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes information about the Company's use of proceeds of the Offering including the Company's intention to complete its acquisition of mPlore, the expansion of mPlore's operations, and expectations regarding future operations and other forward-looking information.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the acquisition of mPlore may not occur as planned, or at all, and the acquisition of mPlore not be consistent with management's expectations.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to close the mPlore acquisition, that mPlore will continue perform as expected and that the Company will be able to expand the operations of mPlore as expected by management. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
GLN does not assume any obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in GLN's filings with the Canadian securities regulators, which filings are available at www.sedar.com.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46289