VANCOUVER, British Columbia, June 28, 2018 (GLOBE NEWSWIRE) -- Moovly Media Inc. (TSX VENTURE:MVY) (OTC:MVVYF) (FRANKFURT:0PV2) ("Moovly" or the "Company") announces that it has closed a non-brokered private placement (the “Private Placement”) through the issuance of 10 million units (each, a "Unit") at a price of $0.10 per Unit, generating gross proceeds of $1 million. Each Unit will be comprised of one common share in the capital of the Company (a "Common Share") and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to purchase one Common Share at a price of $0.15 per share for a period of one year from the date of issuance.
The net proceeds from this offering are expected to be used to fund sales and marketing growth, enhance and reinforce engineering and development efforts, as for general corporate purposes.
All of the securities issued under the Private Placement will be subject to a four month resale restriction. The completion of the Private Placement remains subject to final approval of the TSX Venture Exchange and the satisfaction of other customary closing conditions.
The Company also announces the appointment of Christopher Macpherson and Robert (Bob) Meister to its board of directors, and the resignation of Brandon Boddy who has resigned his position in order to focus his efforts on other opportunities.
Mr. Macpherson has extensive experience and a deep understanding of the capital markets, having spent 25 years at a Canadian national bank as Vice President & Portfolio Manager. He has been in the venture capital business since 1995 and during this period has been a director and/or officer of many public companies trading on various North American exchanges including BC Hydro and Westech. Chris has been responsible for finance and marketing activities, funding and acquisition opportunities as well as assisting in strategic and tactical matters.
Mr. Meister is an experienced Capital Markets Executive that holds a diploma in Marketing Management from the British Columbia Institute of Technology. Bob is a Partner of M3 Markets Inc. a Corporate Development and Communications Company, and most recently, was a Director and Capital Markets Manager for NetCents Technology Inc., an electronic online Payment Service Provider that is listed on the Canadian Securities Exchange. Prior to this, Bob has held numerous director and/or management positions for various publicly traded companies, where he was primarily responsible for business development and investor relations.
Brendon Grunewald, President of Moovly, commented, “I am pleased to have both Chris and Bob join our board. The addition of these two individuals with significant capital markets expertise and industry experience will be a strong and welcome asset to the Moovly board. I would also like to thank Brandon for his time and support as a director over the years, and we wish him best in his future endeavors.”
About Moovly:
Moovly is the leading provider of Cloud based tools to tell marketing communications and training stories using videos and presentations.
Moovly’s advanced Studio editor with over 175 million digital assets seamlessly integrated (via our partnerships with Shutterstock & Videoblocks), is all you need to make engaging videos to promote or explain your product and service.
Moovly’s API and BOTs technology allow ourselves and 3rd parties to automate some or all of the content-making process, whether that be mass customization / personalization (Video version of MailMerge), automatic content creation or updating by connecting data sources.
With clients including users from >300 of the Fortune 500, Small Businesses, Freelancers and Ivy league universities, Moovly is an intuitive, cost effective choice in creating engaging video content.
“Your story begins with Moovly”
Files are available for download in our press room at www.moovly.com/pressroom.
For additional information about Moovly, please refer to www.moovly.com.
Brendon Grunewald
President, CEO and Director
Office phone: +32 9 398 81 20
Email: press@moovly.com
Dan Whittle
Phone: +1 604-639-4486
Email: Daniel.whittle@moovly.com
Reader Advisory
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information with respect to Moovly's future business plans and the expected benefits of its products. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Company can give no assurance that they will prove to be correct.
By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to, Moovly's inability to continue to commercialize its products or demand for its products decreases or disappears. Other risk factors are set forth in detail in the Company's Management Information Circular dated September 30, 2017 which is available for review under the Company's corporate profile at www.sedar.com. Some other risks and factors that could cause the results to differ materially from those expressed in the forward-looking information also include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, unanticipated operating events; failure to obtain any necessary third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital and skilled personnel; changes in tax laws; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
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.