DealNet Capital Corp.
CNSX : DLS

DealNet Capital Corp.

February 11, 2015 17:28 ET

DealNet Announces 1st Closing of Private Placement

TORONTO, ONTARIO--(Marketwired - Feb. 11, 2015) - DealNet Capital Corp. ("DealNet" or the "Company") (CSE:DLS) is pleased to announce that it has completed the first tranche of its private placement that was announced on November 25, 2014 (the "Offering").

The Company previously announced that it will issue up to 26,315,790 units (each, a "Unit") at a price of $0.19 per Unit, consisting of one common share (each, a "Common Share") of the Company and one common share purchase warrant (each, a "Warrant") of the Company. Each Warrant will allow the purchaser to acquire one additional common share of the Company at a price of $0.30 for a period of 18 months from the date of issuance.

The first closing resulted in the issuance of 13,205,309 Units, consisting of 13,205,309 Common Shares and 13,205,309 Warrants. As consideration for the Units issued in this closing, the Company received subscriptions consisting of $1,079,762 in cash and $1,429,250 from the conversion of various liabilities owing by the Company. The total consideration received in cash and conversion of various liabilities of the Company for this first tranche was $2,509,012. Members of the management team and board of the Company participated in the Offering, subscribing for approximately $376,000.

The net proceeds of the offering will be used as capital to fund future growth. In connection with the Offering, the Company will pay a finder's fee of up to 8% in cash and 8% in warrants (with a term of 18 months and an exercise price of $0.30) to registered dealers.

"The closing of this initial tranche of our private placement represents a big step forward for DealNet" stated Bob Cariglia, DealNet's President and CEO. "Our management team has worked incredibly hard to ramp up both our engagement and financial services business. With this funding, we have the support of our investors to deliver on our business objectives for 2015".

The Company is also announcing that it has applied to list its common shares on the TSX Venture Exchange.

About DealNet Capital Corp.

DealNet Capital Corp. is a public company that trades under the symbol DLS on the Canadian Securities Exchange. DealNet Capital has an investment mandate to acquire and develop investee companies focused on generating high margin recurring revenue through innovative customer engagement models. The Company has focused its investments towards two key industry verticals: the thriving North American business process outsourcing ("BPO") market through its wholly-owned subsidiaries, OC Communications Group Inc. ("OCCGI") and Impact Mobile Inc. ("Impact Mobile"); and the consumer financing market through its wholly-owned subsidiary, One Dealer Inc. ("One Dealer").

ON BEHALF OF DEALNET CAPITAL CORP.

For additional information please visit www.sedar.com.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Forward-looking Statements

This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially from those contemplated. We consider the assumptions on which these forward-looking statements are based to be reasonable, but caution the reader that these assumptions regarding future events, many of which are beyond our control, may ultimately prove to be incorrect. These statements involve risks and uncertainties including, without limitation, DealNet's ability to successfully develop and market its products, consumer acceptance of such products, competitive pressures relating to price reductions, new product introductions by third parties, technological innovations, and overall market conditions. Consequently, actual events and results in future periods may differ materially from those currently expected.

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