Metamedia Capital Corp.
TSX VENTURE : MME

Metamedia Capital Corp.

December 01, 2006 14:21 ET

Metamedia Capital Corp. Announces First Closing of Non-Brokered Private Placement

CALGARY, ALBERTA--(CCNMatthews - Dec. 1, 2006) - Metamedia Capital Corp. (TSX VENTURE:MME) (the "Corporation") is pleased to announce that the Corporation completed the closing of its non-brokered private placement offering of up to 750,000 units (the "Private Placement"). Pursuant to the Private Placement, the Corporation issued a total of 387,145 units ("Units") of the Corporation at a purchase price of $0.70 per Unit for gross proceeds of $271,000.00. Each Unit is comprised of one common share ("Common Share") in the capital of the Corporation and one Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder to acquire one additional Common Share at an exercise price of $1.10 per share for a period of 12 months from the date of issuance.

The Common Share and Warrants to be issued pursuant to the Private Placement will be subject to a four month hold period from the date of closing. The Private Placement is subject to final approval from the TSX Venture Exchange.

The proceeds of the Private Placement will be used to acquire capital assets, to implement and operate the broadcast division of the Corporation 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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