Siyata Mobile Adds $2.0 Million Private Financing

Siyata Mobile (TSXV:SIM) announced that it has completed a non-brokered private placement 4,623,800 units at a price of C$0.45 per unit which translates to a gross proceeds of C$2 million.

As quoted in the press release:

Each Unit consists of one common share of the Company, and one common share purchase warrant (a “Warrant”). Each Warrant is exercisable to acquire one additional common share of the Company for three years, at a price of $0.60 per share.

All securities issued in connection with the private placement are subject to a hold period expiring April 22, 2019. In connection with closing of the private placement, the Company has paid finders’ fees of $102,589.20, and issued 227,976 broker warrants to persons introducing subscribers to the Company. Each broker warrant is exercisable to acquire one additional common share of the Company at a price of $0.60 per share for a period of three years.

“We are very pleased to add to our treasury and increase our working capital,” said Marc Seelenfreund, CEO of Siyata Mobile. “Coupled with the recent cash injection from the warrants, and inventory, we are extremely well capitalized to execute on the North American roll out in 2019.”

The proceeds of the financing will be used principally for general working capital purposes.

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