MONTREAL, QC--(Marketwired - February 27, 2017) - Siyata Mobile Inc. (the "Company") (TSX VENTURE: SIM) (OTC PINK: SIMFF) is pleased to announce that it has engaged Paradigm Capital Inc. (the "Lead Agent"), PI Financial Corp. and Haywood Securities Inc. (together with the Lead Agent, the "Agents"), as agents, to complete a brokered private placement, on a best efforts basis (the "Offering"). The Offering will seek to raise a minimum of $1,500,000 at $0.40 per unit; with each unit consisting of one common share and one common share purchase warrant, exercisable at $0.50 for two years following the close of the Offering. The Company will have the option to accelerate the expiry of the warrants if its common shares close at $0.70 or greater on the TSXV for 10 consecutive trading days, following the expiry of applicable hold periods.
The proceeds of the offering will be used to fund the Company's future growth into the North American market and for working capital purposes.
Marc Seelenfreund, CEO of Siyata states, "As witnessed by our last two quarters of sales, we are experiencing unprecedented growth and foresee this trajectory to continue. We are very happy to be working with the Agents to obtain institutional investors to finance our continued momentum which marks another great milestone for Siyata."
The Company has agreed to pay a cash commission of 8% and broker warrants equal to 8% of the number of units issued in the private placement. The broker warrants will be exercisable at $0.40 for a period of two years. The selling syndicate will also receive 100,000 units, having the same terms as the private placement units. All securities will be subject to a hold period of four months plus one day.
The financing remains subject to all regulatory approvals.
Siyata Mobile Inc. is a leading global developer and provider of innovative cellular communication systems under the Uniden® Cellular brand. Siyata's "Connected-Vehicle" devices and accessories are specifically designed for professional fleets including trucks, vans, buses, emergency service vehicles, government cars and more. Siyata aims to provide greater mobile connectivity for professional drivers and to facilitate replacement of the aging in-vehicle, multi-device status quo with a single device that incorporates voice, push-to-talk, data, and fleet management solutions.
Siyata also markets and sells Uniden® cellular signal boosters and accessories as well as rugged mobile phones for both the consumer and enterprise markets. Siyata's customers include cellular operators, commercial vehicle technology distributors, and fleets of all sizes in Canada, the US, Europe, Australia, and the Middle East.
Visit www.siyatamobile.com and www.unidencellular.com/ to learn more.
On Behalf of the Board of Directors of:
SIYATA MOBILE INC.,
CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.