Fluid Music Canada, Inc.
TSX : FMN

June 19, 2008 08:52 ET

Fluid Music Canada, Inc. Announces the Completion of Its Initial Public Offering

TORONTO, ONTARIO--(Marketwire - June 19, 2008) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

Fluid Music Canada, Inc. (TSX:FMN) ("Fluid"), formerly Fluid Music, Inc., announced today that it has completed its initial public offering of common shares for gross proceeds of C$27,000,000. The common shares were offered for sale by a syndicate of agents led by Blackmont Capital Inc., which also included CIBC World Markets Inc., GMP Securities L.P., Loewen, Ondaatje, McCutcheon Limited and Wellington West Capital Markets Inc. (collectively, the "Agents"). A total of 13.5 million common shares were sold at a price of C$2.00 per share.

The Agents have an option, exercisable for a period of 30 days, to arrange for the sale of up to an additional 1,512,000 common shares to cover over-allotments and for market stabilization purposes.

"This is an exciting time for Fluid Music," commented Lorne Abony, Chairman and CEO, Fluid. "We look forward to executing our aggressive strategic growth initiatives, with a particular focus on expanding our presence as the world's largest digital provider of 'User Generated Music Content'."

Fluid is a leading private label music aggregation and distribution company, providing music solutions to both business and individual consumers. Fluid has compiled a music library of over five million songs, free of digital rights management restrictions, from a diverse network of producers, including major label, independent and emerging artists. For further information about Fluid, please visit www.fluidmusic.com.

Goodmans LLP was legal counsel to Fluid in connection with the offering, with U.S. legal representation from Nixon Peabody LLP. Wildeboer Dellelce LLP was legal counsel to the Agents, with U.S. legal representation from Dorsey & Whitney LLP.

The securities offered have not been, nor will be, registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. The securities are being offered only by means of a prospectus. Accordingly, this press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under the securities laws of any such jurisdiction.

Contact Information

  • Fluid Music Canada, Inc.
    Lorne Abony
    Chief Executive Officer
    (310) 665-9878