TORONTO, Sept. 6, 2018 /CNW/ - iSIGN Media Solutions Inc. ("iSIGN" or "Company") (TSX-V: ISD) (OTC: ISDSF), a leading provider of interactive mobile proximity marketing and public security alert solutions today announced that it intends to complete a financing by way of secured convertible promissory notes (the "Notes"), for aggregate gross proceeds of up to $425,000 with several investors.
The Notes will have a term of one year and will accrue interest at a rate of 10% per annum, payable upon maturity.
The principal amount can, at the option of each individual Note holder, be converted into units of the Company (the "Units") at a price equal to $0.08 per Unit. Each Unit shall be comprised of one common share of the Company (a "Unit Share") and one common share purchase warrant (a "Warrant"). Each Warrant shall be exercisable to acquire one common share of the Company (a "Warrant Share") for a period of two years following the date of issuance of the Warrant at an exercise price of $0.12 per Warrant Share. The Unit Shares and Warrants (and, if applicable, the Warrant Shares) will be subject to a minimum hold period of 4 months from the date of issue of the Note.
The Company anticipates closing the Notes as soon as practicable, subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The proceeds from the Notes will be used for general working capital.
The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from those registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
ISIGN is pleased to announce that the Security Alert Messaging ("SAM") pilot project that its Chilean reseller, Smart Sign, had undertaken with a major mining company in Chile has been successfully closed. The next steps to be taken are being discussed between all parties, iSIGN, Smart Sign and the mining company.
This pilot project was designed to allow the mine to familiarize themselves with the operation and management of the SAM technology and back-end reporting system and involved a selected number of employees and management at the mining operation's headquarters.
The mining company is looking for a system that allows them to communicate directly and easily with their employees on and off site, for both safety measures as well as for normal communications, including directing their staff to their specific work areas prior to their arrival at the mine and to remind them to bring the required safety and other certifications that are specific to the areas where they will be working that day.
Both iSIGN and its Chilean reseller, Smart Sign, anticipate that the successful completion of this pilot will aid with the discussions currently underway with other mining companies in Chile, as well as with other companies in this channel.
About iSIGN Media
iSIGN, a Canadian company based in Toronto, Ontario is a data-focused, software-as-a-service (SaaS) company that is a pioneering leader in the areas of location-based security alert messaging and proximity marketing utilizing Bluetooth® and Wi-Fi connectivity in complete privacy. Creators of the Smart suite of products, a patented interactive proximity marketing technology, iSIGN enables the delivery of messages to mobile devices in proximity, with real-time reporting and analytics on a variety of metrics. Partners include: IBM, Keyser Retail Solutions, Baylor University, Verizon Wireless, TELUS and AOpen America Inc. www.isignmedia.com
This news release may include certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with iSIGN Media's business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect iSIGN Media's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. iSIGN Media assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
© 2018 iSIGN Media Solutions Inc. All Rights Reserved. All other trademarks and trade names are the property of their respective owners.
Neither the 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 accuracy of this release.
SOURCE iSIGN Media Solutions Inc.
For further information: Company contacts: Alex Romanov, iSIGN Media Solutions Inc., [email protected]