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(MoneyNewsWire.Net, October 09, 2014 ) -- Press Release Distribution Services --
Vancouver BC -- SoMedia Networks (TSX-V:VID), the pioneer of cloud-based scalable video production solutions, today announced it has, further to a press release dated July 18, 2014, August 22, 2014 and September 30, 2014, closed a non-brokered private placement (the “Private Placement”) with the issuance of 4,456,250 Units (the “Units”) at a price of $0.16 per Unit for total gross proceeds of $713,000. The Units being issued will consist of one common share and one half of one share purchase warrant (the “Warrants”), each whole Warrant entitling the holder to purchase an additional common share at a price of $0.25 per share until October 7, 2016.
SoMedia also announced that it had engaged U.S Investment bank Scarsdale Equities LLC ("Scarsdale”). Specializing in providing investment-banking services to entrepreneurial, high growth companies in the U.S., and Canada, Scarsdale has been engaged as a capital markets advisor and to assist the Company with a U.S. listing and M&A activities.
Scarsdale Equities LLC is an institutional FINRA member broker/dealer and SIPC member with offices in New York, NY, and San Francisco, CA. Scarsdale Equities LLC focuses on emerging growth companies, lower middle-market, middle-market & unique early stage firms providing services including capital formation and corporate advisory assignments. The founding partners of Scarsdale Equities LLC are respected veterans of the U.S. financial services industry with solid track records as investors, analysts, and investment bankers.
In connection with the Private Placement, the Company paid finder's fees of $10,320 and issued 32,250 finders’ warrants (“Finder’s Warrants”) to Canaccord Genuity Corp. and Larry Davis. Each Finders’ Warrant entitles the holder to purchase one common share of the Company at a price of $0.16 per Share until October 7, 2016.
The Company intends to use the net proceeds of the Private Placement for general working capital. All securities issued in connection with the Private Placement are subject to a prescribed four-month hold and restricted trading period pursuant to applicable securities laws ending on February 8, 2015.
About SoMedia Networks
SoMedia Networks, the creator of Scalable Video, has reengineered how businesses access video content creation and production. The cloud-based SoMedia Platform allows businesses to easily order the production of custom video content at scale and volume, anywhere, on demand, with rapid turnaround, and at a fraction of current costs.
SoMedia provides Scalable Video as an integrated solution together with advanced video players, analytics and campaign management tools to corporate partners, as a resale solution through thousands of web marketing firms and directly to digital agencies and millions of SMBs across North America. To learn more visit: somedia.net .
Company:
SoMedia Networks
George Fleming, 604-683-5510
Founder, Co-CEO
gfleming@somedia.net
U.S. Investors:
Liolios Group
Michael Koehler or Matt Glover, 949-574-3860
VID@liolios.com
Media:
Hotwire PR
Annette Leach, 415-840-2790
somedia@hotwirepr.com
Canadian Investors:
SoMedia Networks
Greg Werbowski, 604-683-5510 ext. 590
gwerbowski@somedia.net
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements.
SoMedia Networks Inc.
George Fleming, Co-CEO
604-683-5510
gfleming@somedia.net
Source: EmailWire.Com 
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