MOOVLY MEDIA PROVIDES UPDATE ON PRIVATE PLACEMENT AND GRANTS STOCK OPTIONS
Vancouver, British Columbia – March 13, 2017 – Moovly Media Inc. (“Moovly” or the “Company”) (TSXV: MVY) (FRANKFURT: 0PV2) announces that, further to the Company’s press release of January 4, 2017, the Company anticipates completing its brokered private placement of units (each, a “Unit”) on or about March 17, 2017. The Units will be issued at a price of $0.15 per Unit for gross proceeds of up to $2,100,000. Each Unit will be comprised of one common share in the capital of the Company (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle 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. has been engaged as the exclusive agent of the Company to offer the Units on a commercially reasonable efforts basis. All of the securities issued under the private placement will be subject to a four month resale restriction. The completion of the proposed private placement remains subject to the final approval of the TSX Venture Exchange and the satisfaction of other customary closing conditions.
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.
In the Company’s press release of August 4, 2016, it announced that it had granted stock options to acquire up to 6,500,000 common shares of the Company, of which an aggregate of 2,000,000 were granted to certain directors and officers of Moovly. The Company wishes to clarify that in fact only 2,000,000 stock options were granted at that time, all of which were granted to certain directors and officers of Moovly. The Company is now granting an additional 2,925,000 stock options to consultants and employees of Moovly.
Each of the stock options is exercisable for a five year term expiring on March 10, 2022 and exercisable until that time at a price of $0.24 per common share. On March 10, 2017, the last day that the Company’s common shares traded prior to the granting of the stock options, the closing price of the common shares on the TSX Venture Exchange was $0.19 per share. The stock options vest over a period of four years. The stock options, and any common shares issued upon exercise of the stock options, are subject to a four month resale restriction expiring on July 11, 2017.
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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