QYOU Media Completes $1.8 Million Financing
Toronto, Ontario and Los Angeles, California--(Newsfile Corp. - July 24, 2020) - QYOU Media Inc. (TSXV: QYOU) (OTCQB: QYOUF) ("QYOU" or the "Company") announces it completed the final closing of its offering of units of the Company ("Units") on July 14, 2020 of 13,779,066 Units at a price of $0.03 per Unit for proceeds of $413,371.98, bringing the total size of the offering to 60,666,399 Units for aggregate gross proceeds of $1,819,991.97. Each Unit is comprised of one common share in the capital of the Company and one-half of one common share purchase warrant exercisable at $0.05 per common share until June 30, 2022.
The offering also includes a subscription by G. Scott Paterson, Chairman of the Company, for 2,500,000 Units, representing a $75,000 investment.
The proceeds derived from the sale of the Units will be used for continued investment in the Company's subsidiary, QYOU India, and working capital for the Company.
The Company paid an aggregate of approximately $120,050 and issued compensation options to acquire up to 5,549,973 Units exercisable at a price per Unit of $0.05 until June 30, 2022, as finder's fees to certain persons who assisted the Company in connection with the offering.
All of the securities issuable in connection with the offering are subject to a hold period expiring four months and one day after the date of issuance in accordance with Canadian securities laws.
The securities being offered pursuant to the offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, such securities being offered pursuant to the offering in any jurisdiction in which such offer, solicitation or sale would be unlawful.
QYOU Media is a growing global media company powered by creators and social influencers. We curate, package and market premium content from leading digital video creators and social stars for multiscreen & multi platform distribution. Founded and created by industry veterans from Lionsgate, MTV, Disney and Sony. QYOU's millennial and Gen Z-focused products include linear television networks, genre-based series, influencer marketing campaigns, mobile apps, and video-on-demand formats. QYOU Media content reaches more than 600 Million consumers around the world. Experience our work at www.theqindia.com and www.qyoumedia.com.
+1 647 693 7380 ext. 317
This press release contains certain forward-looking statements within the meaning of applicable securities laws. Words such as "expects", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein may include, but are not limited to, information concerning the final approval of the TSX Venture Exchange of the offering and the listing of certain securities being issued thereunder, and the expected use of proceeds from the offering. These forward-looking statements are based on QYOU's current projections and expectations about future events and other factors management believes are appropriate. Although QYOU believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and readers cannot be assured that the offering and the closing thereof will be consistent with these forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of numerous factors, including certain risk factors, many of which are beyond QYOU's control. Additional risks and uncertainties regarding QYOU are described in its publicly-available disclosure documents, filed by QYOU on SEDAR (www.sedar.com) except as updated herein. The forward-looking statements contained in this news release represent QYOU's expectations as of the date of this news release, or as of the date they are otherwise stated to be made, and subsequent events may cause these expectations to change. QYOU undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. The offering is subject to the final approval of the TSX Venture Exchange.
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.
Not for Distribution to United States Newswire Services or Dissemination in the United States
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/60502