/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES./
TORONTO, June 28 /CNW/ - iseemedia Inc. (TSX-V:IEE) - iseemedia Inc. is
pleased to announce the successful completion today of its previously
announced short form prospectus offering underwritten by a syndicate of
underwriters led by Cormark Securities Inc. and including Orion Securities
Inc. and Wellington West Capital Markets Inc. (the "Underwriters"). iseemedia
issued 10,000,000 Units of the Company at a price of $0.80 per Unit for gross
proceeds of $8,000,000. Each Unit consisted of one common share and one half
of one common share purchase warrant. Each whole warrant shall be exercisable
at any time for one common share at a price of $1.00 per share until
December 28, 2008.
In addition, iseemedia granted the Underwriters an over-allotment option
to purchase up to an additional 1,500,000 Units which was fully exercised
today for gross proceeds of $1,200,000. The exercise of the Over-Allotment
Option increased the gross proceeds raised by iseemedia to a total of
The Underwriters have received a cash commission representing 7% of the
gross proceeds of the Offering. In addition, the Company has issued 805,000
compensation options (the "Compensation Options") in connection with this
Offering. Each Compensation Option will entitle the Underwriters, upon payment
of an exercise price of $0.80, to subscribe for one Unit until December 28,
iseemedia will use the net proceeds of the offering to continue to
develop, market and deploy its current mobile and virtual tour technologies,
including iseedocs, iseepublish, iseevista and iseephotovista.
iseemedia Inc. is a software company focused on the commercialization of
advanced, rich content adaptation and delivery solutions for Web and wireless
applications. The Company has a portfolio of perpetual licenses to U.S.
patents (and patents on the same technology registered in other jurisdictions)
and to patents pending in respect of technology involving ImageServer,
panoramas and viewers and image editing, forming the core technology that
supports the Company's wireless strategy. The Company also has filed three (3)
applications in respect of wireless patents relating to its content delivery
and mobile device solutions. For more information, visit www.iseemedia.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
For further information:
For further information: iseemedia Investor Relations Contact: David
Berman, CFO, iseemedia Inc, DavidB@iseemedia.com