Waterloo, Ontario / ACCESSWIRE / July 10, 2014 / SponsorsOne Inc. (CSE: SPO), ("SponsorsOne" or the "Company"), the social commerce platform that brings elite sponsorship to the masses, today announced that it closed the first tranche of a non-brokered private placement (the "Offering") pursuant to which it issued 541,205 units ("Units") at a price of $0.85 per Unit for gross proceeds of $460,024. Each Unit comprises one common share and one half of one nontransferable common share purchase warrant ("Warrant"), with each whole Warrant entitling the holder to purchase one additional common share of the Company at a price of $1.10 until July 4, 2016. The Company issued 270,602 Warrants pursuant to the Offering.
"I am pleased with the institutional involvement in this first closing", stated Myles Bartholomew, Founder and CEO of SponsorsOne. "It is an endorsement of the Company's business model and technology as we evolve towards enabling the next evolution of digital marketing".
A Finders Fee of $33,402 was paid to a registered dealer with respect to 392,964 Units sold (the "Finder"). In addition, the Finder received 39,296 Finders Warrants to purchase 19,648 common shares of the Company at $1.10 per share at any time prior to July 4, 2016.
All securities issued are subject to a four-month resale restriction period expiring November 4, 2014.
In addition, the Company announces the exercise of 1,166,667 Warrants at a price of $0.30 for proceeds of $350,000.
The Company intends to use the net proceeds of the Offering used for product development, sales and marketing, working capital and related legal fees.
About SponsorsOne (CSE: SPO)
SponsorsOne is the next evolution of digital marketing, enabling one-to-one, authentic engagement between brands, influencers and their online enthusiasts through social sponsorship and commerce. With the SponsorsCloud platform, brands and influencers can identify and sponsor their fans. SponsorsOne is the creator of a proprietary social sponsorship currency that gives consumers real compensation for their authentic social media engagement (blogs, videos, tweets, pins and posts). With SponsorsCloud and the social sponsorship currency, the Company is building the engine to change and drive the social economy.
To learn how to get your online enthusiasts working for you, visit http://sponsorsone.com
For more information, please contact: Investor Relations at SponsorsOne
Toll-free: (888) 948-8028 x4
Local: (519) 279-6793 x4
Email: [email protected]
The Canadian Securities Exchange ("CSE") has neither approved nor disapproved the contents of this press release.
This news release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this news release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology, are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with marketing and sale of securities; the need for additional financing requirements and access to capital, reliance on key personnel; the potential for conflicts of interest among certain officers or directors with certain other projects; the volatility of the volume and price of the Common Shares, the failure of the business strategy, the integrity of the Company's patents and proprietary intellectual property and competition. The Company cautions that the foregoing list of risk factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events, including the risk factors set out in the Company's Listing Statement. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to above will not cause such forward-looking statements and information to differ materially from actual results or events.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.
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SOURCE: SponsorsOne Inc.