TORONTO, Dec. 6, 2012 /CNW/ - YANGAROO Inc. (TSX-V: YOO, OTC: YOOIF), the industry's leading secure digital media management company, today announced that it has received additional commitments to its most recent private placement, securing a minimum of $167,000 to a maximum of $200,000 in units. These commitments were originally offered as part of the previous private placement announced by YANGAROO, but due to time constraints and other issues, were unable to form part of the original private placement.
The company is happy to announce that $132,500 of this private placement was invested by company insiders.
Each unit will consist of one common share in the capital stock of YANGAROO and one warrant, entitling the subscriber to purchase an additional share at $0.10 per share within 36 months of closing, which is expected to be on or about December 10, 2012. YANGAROO will issue the units at $0.05 per unit, resulting in the issue of a minimum of 3,340,000 shares and up to a maximum of 4,000,000 shares upon closing, non-diluted. All securities issued in connection with the private placement will be subject to a four-month hold period. This is a partially brokered private placement.
YANGAROO will pay an agent's fee to Fraser Mackenzie Limited on its portion of the raised proceeds. The net proceeds from the private placement will be used for general working capital. The proposed financing will be submitted to the TSX Venture Exchange ("TSX-V") for conditional approval, and is subject to TSX-V final approval.
In addition, subject to regulatory filings, YANGAROO has granted stock options (each an "Option") in accordance with its Stock Option Plan to certain of its directors and officers for their outstanding services to YANGAROO.
An aggregate of 4,277,742 Options were granted, whereby each Option entitles the holder to purchase one common share of YANGAROO at $0.10, and the Options shall expire 60 months from the date of issuance.
Directors were granted 600,000 Options for services rendered to YANGAROO since July 2011, an annual equity compensation it hopes to award on a going-forward basis each fiscal year. Officers were granted the remaining 3,677,742 Options as incentive for their continued service and commitment to YANGAROO's growth.
YANGAROO is a company dedicated to digital media management. YANGAROO's patented Digital Media Distribution System (DMDS) is a leading secure B2B digital cloud based solution focused on the music and advertising industries. The DMDS solution provides more accountable, effective, and far less costly digital management of broadcast quality media via the Internet. It replaces the physical, satellite and closed network distribution and management of audio and video content, for music, music videos, and advertising to television, radio, media, retailers, and other authorized recipients. The YANGAROO Awards platform powers many of North America's major awards shows.
YANGAROO has offices in Toronto, New York, Los Angeles, and Dallas. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTCBB: YOOIF.
The statements contained in this release that are not purely historical are forward-looking statements and are subject to risks and uncertainties that could cause such statements to differ materially from actual future events or results. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: YANGAROO Inc.
For further information:
please contact Gary Moss at 416-534-0607 ext.111 or visit www.yangaroo.com.