Metamedia Capital Corp.

Metamedia Capital Corp.

October 19, 2005 09:30 ET

Metamedia Capital Corp. Announces Closing of Private Placement

CALGARY, ALBERTA--(CCNMatthews - Oct. 19, 2005) - Metamedia Capital Corp. (TSX VENTURE:MME) (the "Company") is pleased to announce that on October 14, 2005, the Company completed its private placement offering of common shares (the "Private Placement") as previously announced in the press release of the Company dated September 23, 2005. Pursuant to the Private Placement, the Company issued a total of 1,155,888 common shares at a price of $1.00 per common share for gross proceeds of $1,155,888. The common shares issued pursuant to the Private Placement are subject to a hold period expiring 4 months from the date of closing. The Company has made an application to the TSX Venture Exchange for final approval of the Private Placement.

The Company plans to use the proceeds from the Private Placement to implement the Internet Protocol based Television Service announced in the news release of the Company dated May 27, 2005 and for working capital purposes.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

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