Multiplied Media Corporation announces closing of private placement


    CALGARY, Aug. 6 /CNW/ - Multiplied Media Corporation (the
"Company")(TSX:V MMC), a Calgary-based provider of mobile local search
services, today announced the close of its previously announced private
placement financing (the "Offering") with a syndicate of agents led by
Research Capital Corporation and including Blackmont Capital Inc. and Acumen
Capital Finance Partners Inc. (collectively, the "Agents"). Pursuant to the
Offering, the Company issued 48,643,717 common shares at $0.06 per share for
total gross proceeds of $2,918,623.02.
    The cash fee payable to the Agents is $183,851.29 representing 7.0% of
the aggregate purchase price for the common shares solicited by the Agents
directly plus compensation options ("Compensation Options") entitling the
Agents to subscribe for 4,864,371 Common Shares equal to 10.0% of the
aggregate number of Common Shares issued pursuant to the Offering. Each
Compensation Option is exercisable to acquire one Common Share at a price of
$0.06 per Common Share, with an expiry date of August 6, 2011.
    The Company intends to use proceeds of the Offering for development and
integration of UnoMobi's products (the proposed acquisition of which was
disclosed by the Company on June 1, 2009), development and deployment of the
Company's existing product on additional smartphone platforms, releasing the
Company's products into new geographic areas, and for general working capital
    The securities issued under the Offering are subject to a four-month hold
period from the date of distribution.

    About Multiplied Media Corporation
    Multiplied Media ( has developed the award-winning
application Poynt (, the mobile local search service available
over BlackBerry smartphones. Through agreements with directory and vertical
content providers in Canada, the United States and Europe, Poynt simplifies
finding and connecting with businesses, retailers and events wherever and
whenever it is most convenient for the consumer. Headquartered in Calgary, AB,
Canada, Multiplied Media trades on the TSX Venture Exchange under the symbol

    Forward Looking Statement
    This news release contains forward-looking statements relating to the use
of proceeds of the Offering. Such forward-looking statements are subject to
important risks, uncertainties and assumptions. The results or events
predicated in these forward-looking statements may differ materially from
actual results or events. As a result, you are cautioned not to place undue
reliance on these forward-looking statements.
    These forward-looking statements are based on certain key assumptions
regarding, among other things: the risk that the intended use of the net
proceeds of the Offering by the Company might change if the board of directors
of the Company determines that it would be in the best interests of the
Company to deploy the proceeds for some other purpose; competition in our
target markets; potential capital needs; management of future growth and
expansion; the development, implementation and execution of the Company's
strategic vision; risk of third-party claims of infringement; protection of
proprietary information; customer acceptance of the Company's existing and
newly introduced products and fee structures; the success of the Company's
brand development efforts; risks associated with strategic alliances; reliance
on distribution channels; product concentration; need to develop new and
enhanced products; potential product defects; the Company's ability to hire
and retain qualified employees and key management personnel; and risks
associated with changes in domestic and international market conditions and
the entry into and development of new for the Company's products.
    The forward-looking statements contained in this press release are made
as of the date of this press release. Except as required by law, the Company
disclaims any intention and assumes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. Additionally, the Company undertakes no obligation to
comment on expectations of, or statements made by, third parties in respect of
the proposed Offering.

    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 adequacy or accuracy of this release.

For further information:

For further information: Andrew Osis, CEO & Director, Multiplied Media
Corporation, (403) 444-4102,; Raymond Ng, Director,
Investor Relations, Multiplied Media Corporation, (403) 444-4113,

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890