May 27, 2011 (Canada NewsWire Group) --
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, May 27, 2011 /CNW/ - Mood Media Corporation (ISIN: CA61534J1057) (TSX:MM/ LSE AIM:MM) ("Mood Media") announced today that it completed a private placement of U.S.$13,500,000 aggregate principal amount of 10% convertible unsecured subordinated debentures (the "Convertible Debentures"). The Convertible Debentures were issued for a subscription price of U.S.$987.50 per U.S.$1,000 principal amount of Convertible Debentures for gross proceeds of U.S.$13,331,250. The Convertible Debentures bear interest at an annual rate of 10%, have an exercise price of US$2.80 per common share and will mature on October 31, 2015.
The proceeds of the private placement will be used by Mood Media for general corporate purposes.
About Mood Media Corporation
Mood Media Corporation (TSX:MM/ LSE AIM:MM) is a leading in-store media specialist that uses a mix of music, visual and scent media to help its clients communicate with consumers with a view to driving incremental sales at the point-of-purchase.
Through its subsidiaries Mood, Muzak and Mood Entertainment, Mood Media Corporation's products and services reach 100 million people every day across 470,000 business locations in over 40 countries throughout North America, Europe, Asia and Australia.
Mood Media Corporation operates an international in-store media and music retail business with an extensive geographic footprint and a broad client base including more than 850 U.S. and international brands in diverse market sectors that include: retail, from fashion to financial services; hospitality, from hotels to health spas; and food retail, including restaurants, bars, quick-serve and fast casual dining.
For more information on Mood Media Corporation visit www.moodmedia.com:
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements. The words "believe", "expect", "anticipate", "estimate", "intend", "may", "will", "would" and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to important assumptions, including the following specific assumptions: general industry and economic conditions. While Mood Media considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect.
Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: the impact of general market, industry, credit and economic conditions, currency fluctuations as well as the risk factors identified in the Risk Factors section of Mood Media's management discussion and analysis dated March 7, 2011 and the risk factors identified in the annual information form of Mood Media dated March 30, 2011, both of which are available on www.sedar.com.
Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Mood Media.
Forward-looking statements are given only as at the date hereof and Mood Media disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.
The Convertible Debentures, and the common shares issuable upon the conversion thereof are not and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.
Chairman and Chief Executive Officer
Mood Media Corporation
Tel: 416 510 2800
Tel: +44 207 459 3600