MediaValet Intends to Raise $1.5-Million Private Placement

MediaValet Inc. (TSXV:MVP) plans to raise up to $1.5-million through a Haywood Securities Inc.-led brokered private placement.
According to the press release:

Under the terms of an engagement letter with Haywood dated March 14, 2016, Haywood has agreed to act as MediaValet’s exclusive agent for a best-efforts private placement of up to 9,375,000 units at a price of 16 cents per unit, for aggregate gross proceeds of up to $1.5-million. Each unit will comprise one common share of the company and one-half of one common share purchase warrant. Each warrant will be exercisable to acquire an additional common share at an exercise price of 24 cents per warrant share for a period of 12 months following the closing of the offering. MediaValet has granted Haywood an option to sell up to an additional 3,125,000 units at the issue price within 30 days of the closing of the offering.
In connection with the offering, MediaValet will pay to Haywood a cash commission of 6 per cent of the proceeds raised and will issue to Haywood an option, exercisable for a period of 12 months following the closing of the offering, entitling Haywood to purchase units equal to up to 6 per cent of the number of units sold in the offering.
The net proceeds of the offering will be used to support the company’s global sales and marketing efforts, accelerate product development, and for general working capital purposes.

Click here to read the full press release.