Bassett Media completes qualifying transaction and closes $1.1 million concurrent financing

    TORONTO, Aug. 27 /CNW/ - Bassett Media Group Corp. ("Bassett Media" or
the "Company"; TSX-V: MED.P), formerly Media Ventures Corp., a capital pool
company, is pleased to advise that it has closed its previously-announced
Qualifying Transaction with Bassett Media Group Inc. ("BMGI"), a Toronto-based
media company. Concurrent with completion of the Qualifying Transaction, the
Company closed a private placement of units for gross proceeds of
approximately $540,000 and raised a further $550,000 through a private
placement of secured, convertible debentures (collectively, the "Concurrent
    The TSX Venture Exchange has provided its final approval for the listing
of the common shares of Bassett Media, and it is expected that trading of the
common shares of Bassett Media under the new symbol "BMG" will commence on or
about August 31, 2009.
    "This marks an exciting new chapter in our company's story, and we look
forward to the road ahead," remarked Matthew Bassett, President and C.E.O. of
Bassett Media.
    The activities of BMGI, now a wholly-owned subsidiary of Bassett Media,
constitute the entirety of the Company's operations. As part of the Qualifying
Transaction, the former shareholders of BMGI (including the participants in
the Concurrent Financing) received 49,510,622 common shares of Bassett Media
at an ascribed price of $0.22 per share, of which 26,882,919 will be subject
to an escrow period of 3 years with 10% of the shares being released from
escrow upon completion of the Qualifying Transaction and 15% of the remaining
escrowed shares being released every 6 months thereafter. The Company now has
a total of 60,885,622 common shares issued and outstanding. The new Board of
Directors of Bassett Media is comprised of Messrs. Matthew Bassett, Blake
Hutcheson, John Ormston, Peter Proszanski and Adam Szweras. For a more
detailed description of the Qualifying Transaction, together with biographies
of each Board member, please consult the Company's Filing Statement dated June
30, 2009, available at
    Pope & Company Limited ("Pope & Company") acted as lead finder and
financial advisor to Bassett Media in connection with the Concurrent
Financing. Total finder's compensation paid to Pope & Company and other
eligible finders consisted of 364,193 Company shares, 239,193 Company warrants
and $81,395.37 in cash fees. Each warrant is exercisable into one common share
of Bassett Media at any time prior to August 21, 2011 at an exercise price of

    About Bassett Media

    Bassett Media is a Toronto-based media company created for the purpose of
holding and developing various media-focused businesses. Its two primary
business units in the media space are Impulse Media and Concourse Media.
    Concourse Media was founded in 2002 and is one of the largest network
providers of digital advertising in Canada. Focused in Toronto's underground
PATH system, Canada's most densely populated urban economic centre, Concourse
Media's existing network of 70 high-impact digital display screens reaches
over 350,000 viewers on a daily basis.
    Impulse Media, also based in Toronto, was founded in 2005 and operates
Canada's largest in-store national retailer digital advertising network.
Impulse focuses on point of purchase sales with strategically-positioned
digital screens in PharmaPlus and Rexall pharmacies throughout the country.

For further information:

For further information: Matthew Bassett, President and Chief Executive
Officer, Bassett Media Group Corp., Phone No.: (416) 214-5997

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