VANCOUVER, June 13, 2014 /CNW/ - Destiny Media Technologies (TSXV: DSY)
(OTCQX: DSNY) announces that it has closed its private placement to its
directors for 128,701 shares of common stock at USD $0.96 per share for
gross proceeds of USD $123,553.
The shares sold pursuant to the private placement may only be resold
pursuant to Regulation S of the U.S. Securities Act, an effective
registration statement under the U.S. Securities Act or pursuant to an
another exemption from registration of the U.S. Securities Act. Under
Canadian securities laws, the shares are subject to restrictions on
transfer until October 14, 2014.
As members of the board of directors subscribed for all of the shares
under the private placement, the issuance of the shares is considered a
related party transaction subject to TSX Venture Exchange Policy 5.9
and Multilateral Instrument 61-101. Destiny Media is relying on
exemptions from the formal valuation and minority shareholder approval
requirements provided under sections 5.5(a) and 5.7(a) of Multilateral
Instrument 61-101 on the basis that participation in the private
placement by insiders did not exceed 25% of the fair market value of
Destiny Media's market capitalization
Proceeds from the private placement will be used for general working
On Behalf of the Board of Directors
Destiny Media Technologies provides services that enable content owners
to securely display and distribute their audio and video content
digitally through the internet. The Company's two major services are
Clipstream and Play MPE®. Clipstream (www.clipstream.com) is a video format that plays on any modern smart phone, tablet,
internet, TV, or computer. With Clipstream, there is no player to
configure or install, videos never go obsolete, and there are up to 90%
cost savings by reducing the use of transcoding, infrastructure and
bandwidth. Play MPE (www.plaympe.com) provides a standardized method to securely and cost effectively
distribute pre-release music to radio stations and other music industry
professionals, before it is ready for sale. More information can be
found at www.dsny.com.
Safe Harbor Statement
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are subject to risks, uncertainties and
assumptions and are identified by words such as "expects," “intends”,
"estimates," "projects," "anticipates," "believes," "could," and other
similar words. All statements addressing product performance, events,
or developments that Destiny Media Technologies, Inc. expects or
anticipates will occur in the future are forward-looking statements.
Because the statements are forward-looking, they should be evaluated in
light of important risk factors and uncertainties. Should one or more
of these risks or uncertainties materialize, or should any of Destiny
Media Technologies, Inc.’s underlying assumptions prove incorrect,
actual results may vary materially from those currently anticipated.
Except as required by law, Destiny Media Technologies, Inc. disclaims
any obligation to update or publicly announce any revisions to any of
the forward-looking statements contained in this press release. There
can be no assurance that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements.
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 THIS RELEASE.
SOURCE: Destiny Media Technologies, Inc.
For further information:
CEO Destiny Media Technologies, Inc.
604 609 7736 x222
Three Part Advisors