MOOVLY MEDIA COMPLETES PRIVATE PLACEMENT
Vancouver, British Columbia – March 22, 2017 – Moovly Media Inc. (“Moovly” or the “Company”)
(TSXV: MVY) (FRANKFURT: 0PV2) announces that, further to the Company’s press releases of January 4, 2017 and March 9, 2017, the Company completed the first tranche of its brokered private placement of units (each, a “Unit”) at a price of $0.15 per Unit. The Company issued 3,240,000 Units for gross proceeds of $486,000. Each Unit is comprised of one common share in the capital of the Company (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase a Common Share at a price of $0.25 per share for a period of one year from the date of issuance.
Leede Jones Gable Inc. acted as the exclusive agent of the Corporation to offer the Units on a commercially reasonable efforts basis. It is expected that completion of a second tranche of the brokered private placement will be forthcoming.
Concurrently with the completion of the first tranche of the brokered private placement, the Company completed a non-brokered private placement and issued an additional 2,119,518 Units for additional gross proceeds of $317,927.70.
All of the securities issued under the brokered and non-brokered private placements are subject to a four month resale restriction. The completion of the private placements remains subject to the final approval of the TSX Venture Exchange.
The net proceeds from this offering are expected to be used to fund sales and marketing growth of the Company and accelerate commercialisation of two key products groups as well as for general corporate purposes.
Moovly is a cloud-based multimedia platform that enables everyone to create engaging multimedia content by making it affordable, intuitive and simple. Users choose from extensive content libraries in various styles and can add their own images, movies and sounds to create captivating videos and presentations. Finished work is published on major social channels like Facebook and YouTube, shared for viewing or editing in the online Moovly User Gallery or downloaded with the click of a button.
Today, Moovly is used in education, businesses of any size and government, non-government and non-profit organizations. Moovly is also adopted by private consumers and broadcasters to create videos that explain, promote, engage, inspire, educate and entertain. Videos can be played on mobile devices, TV screens, digital billboards and more.
Moovly makes video content reusable, easy to edit, fast to update and translatable, all in-house. Platform flexibility and powerful API mean Moovly can offer, custom styles and branded libraries, white-labelled and custom skinned interfaces, single sign-on high-level security, quality of service priority queuing, premium support and commercial other services.
For additional information regarding Moovly, please refer to its website at www.moovly.com.
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