Iron Tank Resources Corp.
TSX VENTURE : TNK

February 22, 2016 17:04 ET

Spriza Media Inc. (formerly Iron Tank Resources Corp.) Completes Name Change, the Purchase of Spriza, Inc.'s Assets and Private Placement Assets and Private Placement

CALGARY, ALBERTA--(Marketwired - Feb. 22, 2016) - Spriza Media Inc. (formerly Iron Tank Resources Corp.) (the "Corporation") (TSX VENTURE:TNK) is pleased to announce the completion of the arm's length acquisition of substantially all of the assets of Spriza, Inc. (a Nevada company)(the "Transaction"). Pursuant to the Transaction, the Corporation issued 55,000,000 common shares ("Shares"), at a deemed price of $0.05 for a deemed value of $2,750,000 as full purchase price of all the operating assets of the vendor company. The consideration Shares were concurrently distributed to the shareholders of the vendor company.

The Corporation has also completed the name change from Iron Tank Resources Corp. to Spriza Media Inc. Upon reinstatement of trading the new symbol for the Corporation will be "SPZ".

The Corporation's business is now focused on building a subscriber network for group prizes and incentives. The intellectual property is a robust and effective incentive marketing system that builds brand awareness and generates qualified targeted leads for any size of business through an online contest marketing solution "SPRIZA™". SPRIZA™ is modular, scalable, and fully customizable. It taps into the power of shared interests and personal relationships within targeted markets producing traceable and quantifiable results at every stage of the contest.

SPRIZA™ produces quantifiable and verifiable participant data results, which can be used for ongoing marketing purposes with targeted demographics. SPRIZA™ data results assess how many consumers responded, whom they shared the campaign with, the level of engagement, how many other campaign participants were influenced and sales value generated.

Management is now comprised of Jay Cowles (COO), Rob Danard (CEO), and Chris Robbins (CFO and Corporate Secretary).

The Board of Directors is comprised of David Antony (Chairman), Jay Cowles, Rob Danard, Scott Seguin, and Charanjit Hayre.

The full details of the Transaction and the biographies for the new management and Board of Directors are set out in the Corporation's filing statement dated November 29, 2015, and the news release dated December 3, 2015 which is available for review on www.sedar.com under the Corporation's profile.

The Corporation is pleased to announce that concurrent to the closing of the Transaction it has completed a brokered placement with Industrial Alliance Securities Inc. and a non-brokered placement of 22,825,000 Shares, at a price of $0.05 per Share, for aggregate gross proceeds of 1,141,250 (the "Offering"). In connection with the Offering the Corporation paid a cash commission of 7% on certain of the subscriptions, totaling $30,678 and granted 613,550 agent's options. Each agents' option is exercisable for one Share at a price of $0.05 per share for a period of 18 months following the closing of the Transaction.

The securities issued in connection with the Offering and the Transaction are subject to a four month statutory hold period.

The Offering proceeds are expected to be used for Transaction costs, marketing of Spriza brand, senior management salaries, new sales staff, general and administration expenses and unallocated funds, all as disclosed in the filing statement.

After giving effect to the Transaction and the Offering the Corporation now has 103,061,534 Shares issued and outstanding. As a result of the Transaction, Officers and Directors of the Corporation now own 31,977,260 Shares (31.0%). Of the officers and directors, Rob Danard now owns 16,820,624 Shares (16.3%). All of these Shares, plus the Shares held by other insiders, are held in escrow in accordance with TSX Venture Exchange policy.

Trading in the Shares will remain halted pending receipt and review by the TSXV of certain required final documentation from the Corporation. Trading is expected to resume following the review of the final materials by the TSXV. A further press release will be issued in advance of the trading date.

Reader Advisory

Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"), including details about the business of the Corporation and the use of proceeds from the Offering. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Corporation's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from other industry participants, stock market volatility, and the ability to access sufficient capital from internal and external sources. Although the Corporation believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our public disclosure documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Corporation does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

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 press release.

Contact Information

  • Spriza Media Inc.
    Dave Antony
    Director
    (403) 531-1710
    dave@spriza.com

    Spriza Media Inc.
    Rob Danard
    Chief Executive Officer
    (403) 614-4441
    rob@spriza.com