SOURCE: MOVIT Media Corp.

May 17, 2017 17:00 ET

Movit Announces Non-Brokered Private Placement of up to $500,000; Closes Debt Conversion

VANCOUVER, BC--(Marketwired - May 17, 2017) - Movit Media Corp. (TSX VENTURE: MV) (the "Company") wishes to announce that it will be conducting a non-brokered private placement to raise up to $500,000 in funds (the "Offering"). The Offering will consist of up to 6,250,000 units at a price of $0.08 per unit (the "Placement Units"). Each Placement Unit will consist of one (1) common share and one (1) common share purchase warrant, exercisable at $0.10 per share for a period of 24 months after issuance. The Offering has received conditional approval by the TSX Venture Exchange. The Offering may be closed in tranches and is subject to final regulatory approval.

In accordance with applicable securities legislation, the Placement Units (including any underlying warrants) will be subject to a hold period of four months plus one day from the date of closing.

The Company would also like to announce that, further to its news release of March 3, 2017, the TSX Venture Exchange has accepted the Company's filing to issue 3,760,324 common shares to settle outstanding debt of $394,834. In addition to the statutory four-month hold period, 2,703,182 common shares representing $283,834 of the debt, are subject to additional timed releases with 50% releasable on July 4, 2017, 25% releasable September 4, 2017 and the remaining 25% releasable on December 4, 2017.

The Company also wishes to announce that on April 24, 2017, final acceptance was received from the TSX Venture Exchange for the private placement that had been announced in the press release of November 3, 2015 and that was subsequently closed on December 13, 2016.

Monies raised from the Offering will be used for working capital purposes. It is also noteworthy that as a result of the debt conversion, the Company's liabilities will only be composed of current operational liabilities.

ON BEHALF OF THE BOARD

"Stephen D. Inouye"
CFO

Forward Looking Statements

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.

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