MONTREAL, April 11 /CNW Telbec/ - Eloda Corporation (TSX-V: ELA) ("Eloda"
or the "Company") is pleased to announce that it has entered into an agreement
with Research Capital Corporation ("RCC") for a private placement financing of
up to $15,000,000 in common shares (the "Common Shares") of the Company. RCC
will offer to sell the Common Shares on a best-efforts agency basis. The
Common Shares issued under the private placement will be subject to a hold
period of 4 months and a day from the closing date.
The net proceeds from this offering will be used by the Company to fund
the purchase of additional capture stations, its expansion in the U.S. and for
general working capital purposes.
In connection with the private placement, RCC will receive a cash
commission equal to 8% of the gross proceeds raised and broker warrants equal
to 8% of the aggregate number of common shares sold under the offering. Each
broker warrant will be exercisable to purchase one Common Share at any time up
for a period of 24 months from closing at an exercise price equal to the issue
price of the Common Shares.
The offering is subject to certain conditions including, but not limited
to, the receipt of all necessary approvals, including the approval of the TSX
About Eloda Corporation
Eloda Corporation is an independent third party providing a suite of
innovative, effective and user-friendly measurement and validation tools for
the advertising industry. Using its proprietary technology, Eloda is the first
company to offer a new generation of capture-index-verify applications that
allow for occurrence proof-of-performance without the traditional need for
pre-encoding. Founded in 2000, Eloda now employs 40 people. The company is
headquartered in Montreal, with sales offices in Toronto, New York and Chicago
with a U.S. operations center in Parsippany, New Jersey. The company offers
its TV ad proof-of-performance services to advertisers and agencies in both
Canada and the United States. Eloda Corporation's securities are traded on
Canada's TSX Venture Exchange under the symbol ELA.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: please contact: Eloda Corporation: Jean Charles
Dupuis, CEO, (514) 842-1513; FAX : (514) 842-4588, firstname.lastname@example.org; Eloda
Corporation: Sonia Ferland, Communications Coordinator, (514) 842-1513, FAX :
(514) 842-4588, email@example.com; Renmark Financial Communications Inc.: Jason
Roy : firstname.lastname@example.org; Maurice Dagenais :
email@example.com; (514) 939-3989, Fax : (514) 939-3717,