VANCOUVER, BC--(Marketwired - December 03, 2015) - Further to its news release of November 3, 2015, MOVIT Media Corp. (TSX VENTURE: MV) (the "Company") is pleased to announce that it has closed the first tranche of a $500,000 non-brokered private placement. Subject to regulatory consent, the Company will be issuing 7,500,000 units (the "Placement Units") at a price of $0.05 per Placement Unit for gross proceeds of $375,000. Each Placement Unit consists of one common share and one share purchase warrant. Each warrant will be exercisable into one additional common share at an exercise price of $0.10 per common share for a period of 24 months upon issuance. The Company is working on closing an additional tranche in the near future.
An officer of the Company has subscribed for 200,000 Placement Units, for gross proceeds of $10,000, in compliance with Multilateral Instrument 61-101. The Company will rely on exemptions under MI 61-101 to dispense with formal valuation and minority approval requirements. This portion of the private placement has been approved by the independent directors of the Company.
The Company would also like to announce that, further to its news release of November 3, 2015, it has issued an aggregate of 19,697,500 units (the "Debt Units") to certain debentureholders and creditors of the Company in exchange for the cancellation of debt in an aggregate amount of $984,875 at a conversion price of $0.05 per Debt Unit. Each Debt Unit consists of one common share and one share purchase warrant. Each warrant will be exercisable into one additional common share at an exercise price of $0.10 per common share for a period of 24 months upon issuance.
The Placement Units and the Debt Units will be subject to a hold period of 4 months plus one day from the date of issuance, the Debt Unit hold period ends March 21, 2016 and for Placement Units the hold period ends April 3, 2016.
As a result of the debt conversion, the Company has no long term liabilites. Upon the closing of the non-brokered private placement, the Company will also have additional working capital which will be used principally for marketing and further product development.
Following the issuance of the Placement Units and Debt Units, the Company has 109,414,615 common shares issued and outstanding.
Stephen D. Inouye, CFO and acting CEO, said, "the Company wishes to acknowledge the cooperation of the debentureholders who approved our debt conversion proposal by an overwhelming majority. This approval represents a significant gesture in support of the Company's strategic direction. To the private placement subscribers, we thank you for your support and faith in MOVIT and in its potential. These two events have given the Company a new and clean slate on which it can build its future. With a number of ongoing negotiations, we are optimistic that we will be able to announce further developments that will provide a dynamic look at the direction and potential for the MOVIT App."
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.
MOVIT Installation Instructions:
The MOVIT App requires you to have a 2nd unlocked Android cell phone. This 2nd phone will act as your voice router that multiple users can share to avoid costly ROAMING charges.
- Download MOVIT App on your primary cell phone
- Purchase Local Sim card and insert in 2nd unlocked travelling cell phone
- Register local Sim card number in the MOVIT App on your primary cell phone
Enjoy international incoming calls at local rates while maintaining your primary cell number.
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