Snipp Interactive Inc.
TSX VENTURE : SPN

Snipp Interactive Inc.

July 15, 2014 08:45 ET

Snipp Interactive Inc. Announces Closing of an Oversubscribed Non-Brokered Private Placement With Insider Participation

BETHESDA, MARYLAND--(Marketwired - July 15, 2014) - Snipp Interactive Inc. ("Snipp") (TSX VENTURE:SPN), an international provider of mobile marketing solutions listed on the TSX Venture Exchange (Trading Symbol: SPN), announces that it has closed a non-brokered private placement financing (the "Financing").

The Financing was comprised of 10.4 million units ("Units") at a price of Cdn.$0.15 per Unit for gross proceeds of Cdn.$1,560,000. Each Unit consists of one common share ("Share") and one share purchase warrant ("Warrant"), with each Warrant entitling the holder to purchase one Share at an exercise price of Usd.$0.20 for a period of three years from the date of distribution. Snipp paid finder's fees of $118,800 in cash and issued 792,000 finder's options ("Finder's Options") in connection with this Financing. Each Finder's Option entitles the holder to purchase one Unit ("Finder's Unit") at an exercise price of Cdn.$0.15 for a period of three years from the date of distribution. Each Finder's Unit will consist of one Share and one Warrant, with each Warrant entitling the holder to purchase one Share at an exercise price of Usd.$0.20 for a period of three years from the date of distribution.

The Shares issued in the Financing and the Shares to be issued pursuant to the exercise of the Warrants are all subject to a hold period expiring on November 15, 2014.

The proceeds of the Financing will be used for a variety of purposes including furthering Snipp's sales efforts in the promotion marketing industry, preparing the company for investor marketing and roadshows in the United States pending approval of its 20-F Registration Statement, selective acquisitions as the opportunities arise and the continued investment in building out Snipp's stable of mobile solutions.

The closing of the Financing is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

About Snipp Interactive Inc.

Snipp Interactive Inc. (www.snipp.com) builds mobile solutions for brands to engage and interact with their customers. Snipp provides print publishers, advertising agencies and corporate/consumer brands, including Fortune 500 companies, with four main solution sets:

  • Mobile Promotions and Loyalty Programs: A full range of turnkey mobile promotion solutions from text to win and sample programs all the way to sophisticated and full fledged loyalty programs.

  • Shopper Marketing & Receipt Processing: Snipp's unique SnippCheck mobile receipt processing solution allows brands to execute any kinds of purchase related Shopper Marketing programs they wish to - without the need to coordinate with retailers, or for consumers to download an app.

  • Mobile Sites and Apps: Snipp's SiteBuilder solution allows the company to create and deploy new mobile sites for brand campaigns easily and at scale.

  • Augmented Reality: Snipp produces cutting edge augmented reality campaigns for leading brands around the world.

Snipp generates revenue by designing, constructing, implementing and managing these mobile solutions for its customers. Snipp is headquartered in Bethesda, MD, with international operations in Canada, Mexico and India.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as changes in demand for and prices for the products of the company or the materials required to produce those products, labour relations problems, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward-looking statements.

Neither the 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 this release.

Copyright Snipp Interactive Inc. All rights reserved. All other trademarks and trade names are the property of their respective owners.

This press release does not constitute and the subject matter hereof is not, an offer for sale or a solicitation of an offer to buy, in the United States or to any "U.S Person" (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "1933 Act")) of any equity or other securities of Snipp. The securities of Snipp have not been registered under the 1933 Act and may not be offered or sold in the United States (or to a U.S. Person) absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.

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