TORONTO, Dec. 13, 2012 /CNW/ - YANGAROO Inc. (TSX-V: YOO, OTC: YOOIF), the industry's leading secure digital media management company, is pleased to announce that its recently announced Private Placement has closed, raising an aggregate gross proceeds of $315,000, of which $140,000 was invested by company insiders.
The Private Placement raised proceeds of $315,000, in respect of which 6,300,000 units ("Units") were subscribed for at a price of $0.05 per Unit. Each Unit consists of one common share and one warrant, entitling the holder to purchase one additional common share of YANGAROO at $0.10 and expiring on December 13, 2015. All securities issued in connection with the Private Placement will be subject to a four-month hold period. The Private Placement is subject to final approval from the TSX Venture Exchange (the "Exchange").
"We are very pleased with the level participation in this Private Placement, particularly from insiders," said Gary Moss, President and CEO of YANGAROO. "Exceeding our initial financing estimate is once again, a reflection of Investor's belief in our technology, our employees and the business potential of YANGAROO."
Fraser Mackenzie Limited (the "Agent") acted as the agent for the Private Placement and will receive in consideration for its services a cash commission equal to approximately $9,200 and will be issued 184,000 Agent's warrants (the "Agent's Warrants") entitling the Agent to purchase 184,000 common shares at an exercise price of $0.10 per share, for a period of two years from the closing date of the Private Placement.
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.