YANGAROO announces update on private placement
TORONTO, Aug. 31, 2012 /CNW/ - YANGAROO Inc. ("YANGAROO") (TSX-V: YOO, OTC: YOOIF), the industry's leading secure digital media distribution company, announces that as a result of and in accordance with the technical requirements of the TSX Venture Exchange (the "Exchange") with respect to the time limitations imposed on private placements, the first phase ("Phase 1") of YANGAROO's Private Placement has closed, raising an aggregate gross proceeds just under $344,000, in respect of which 6,875,652 units ("Units") were subscribed for at a price of $0.05 per Unit. Each Unit consists of one common share and one warrant, entitling the holder to purchase one additional common share of YANGAROO at $0.10 and expiring on August 31, 2015. All securities issued in connection with Phase 1 will be subject to a four-month hold period.
YANGAROO is fully committed to raising the balance of the intended minimum amount of $1,250,000, and as such has immediately begun its second phase ("Phase 2") to complete the raise on the same terms as were offered in Phase 1 (see press release dated April 17, 2012). YANGAROO anticipates closing Phase 2 on or about September 30, 2012, in accordance with its previous update. Phase 2 has been submitted to the Exchange for conditional approval, and is subject to the Exchange's final approval.
YANGAROO's patented Digital Media Distribution System (DMDS) is a leading secure B2B digital delivery solution for the music and advertising industries. DMDS replaces the physical distribution of audio and video content for music, music videos, and advertising to television, radio, media, retailers, and other authorized recipients with more accountable, effective, and far less costly digital delivery of broadcast quality media via the Internet. The DMDS Awards platform powers many of North America's major awards shows.
Named one of Canada's Top 100 Tech Companies by Canadian Business, YANGAROO has offices in Toronto, New York, Los Angeles, and Dallas. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTCBB: YOOIF.
The statements contained in this release that are not purely historical are forward-looking statements and are subject to risks and uncertainties that could cause such statements to differ materially from actual future events or results. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: YANGAROO Inc.For further information:
Gary Moss at 416-534-0607 ext.111 or visit www.yangaroo.com