VANCOUVER, Aug. 17, 2015 /CNW/ - TIO Networks Corp. (TSX-V: TNC) ("TIO" or "TIO Networks" or the "Company"), is pleased to announce it has initiated a non-brokered private placement of up to 2.1M Common Shares priced at $1.08 CAD per share for total gross proceeds of up to $2,200,000 CAD. Proceeds from this private placement will be used for general working capital purposes.
This placement has been entirely subscribed to by certain members of TIO's Management team and Board of Directors (including their close family members or companies). The placement is exempt from shareholder approval in accordance with MI 61-101 (Protection of Minority Security Holders in Special Transactions).
The shares will be subject to resale restrictions for a period of four months from the closing date under applicable securities legislation. Completion of the private placement will be subject to a number of conditions including the approval of the TSX Venture Exchange.
To learn more, visit: www.TIOnetworks.com
About TIO Networks
TIO is a multi-channel cloud-based bill payment processor serving the largest telecom, wireless, cable and utility bill issuers in North America. With more than 70,000 endpoints, TIO symbolizes fast, convenient and secure bill payment. Visit: www.TIOnetworks.com. Join the conversation: www.twitter.com/TIOnetworks or Like us: http://www.facebook.com/TIOnetworks
The TSX Venture Exchange has not reviewed this news release.
Neither 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.
The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from TIO's expectations and projections.
SOURCE TIO Networks Corp.
For further information: John Lewis, Business Development - TIO Networks, 416-523-7086; [email protected]