VANCOUVER, BC--(Marketwired - November 03, 2015) - MOVIT Media Corp. (TSX VENTURE: MV) (the "Company") wishes to announce that it has reached an agreement with its outstanding debenture holders and certain other unsecured creditors of the Company to convert their indebtedness into units (the "Debt Units") of the Company (the "Debt Conversion Placement").
The Company will convert the outstanding indebtedness into Debt Units at the rate of one (1) Debt Unit for each $0.05 of debt (inlcuding any interest). Each Debt Unit will consist of one (1) common share and one (1) common share purchase warrant, exercisable at $0.10 per share for a period of 24 months after issuance. No fractional Debt Units will be issued. Closing is subject to the approval of the TSX Venture Exchange. The aggregate amount to be converted will be $984,875 resulting in an expected issuance of 19,697,500 Debt Units.
The Company also wishes to announce that it will be conducting a non-brokered private placement to raise up to $500,000 in funds (the "Offering"). The Offering will consist of up to 10,000,000 units at a price of $0.05 per unit (the "Placement Units"). Each Placement Unit will consist of one (1) common share and one (1) common share purchase warrant, exercisable at $0.10 per share for a period of 24 months after issuance. Closing of the Offering is subject to the approval of the TSX Venture Exchange. The Offering may be closed in tranches.
In accordance with applicable securities legislation, all Debt Units and Placement Units (including any underlying warrants) will be subject to a hold period of four months plus one day from the date of closing.
Monies raised from the Offering will be used for continued product development, marketing and working capital purposes. It is also noteworthy that as a result of the debt conversion the Company's liabilities will only be composed of current operational liabilities.
MOVIT recently announced the official launch of its 100% owned MOVIT mobile app, now available for download in the Google Play online store.
Movit is a revolutionary solution for the elimination of international ROAMING charges for travelers using their everyday mobile devices outside of their regular coverage area. This disruptive technology allows users to use their everyday mobile phone number anywhere in the world while incurring only minimal local calling rates via a local SIM card without the hassle of having to use a new unknown international phone number or purchase an expensive mobile calling package.
About MOVIT Media Corp.
MOVIT Media Corp. holds 100% of the MOVIT media mobile suite (www.letsmovit.com), including multiple existing and pending patents. The MOVIT application or "App" is a revolutionary solution for the elimination of international ROAMING charges for travelers using their everyday mobile devices outside of their regular coverage area. This disruptive technology allows users to use their everyday mobile phone number anywhere in the world while incurring only minimal local calling rates via a local SIM card without the hassel of having to use a new international phone number.
ON BEHALF OF THE BOARD
"Stephen D. Inouye"
Forward Looking Statements
This news release contains "forward-looking information" within the meaning of the Canadian securities laws. Forward looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends,", "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions
In connection with the forward-looking information contained in this news release, MOVIT Media considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause MOVIT Media's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: market acceptance of the MOVIT Media's APP, sufficient capital to commercialize the APP and the effect of competitive technologies.
A more complete discussion of the risks and uncertainties facing MOVIT Media is disclosed in MOVIT Media's Filing Statement dated November 16, 2010 and continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and MOVIT Media disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
Neither 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 the release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Stephen D. Inouye