VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 3, 2016) - TIMIA Capital Corp. ("TIMIA" or the "Company") (TSX VENTURE:TCA) is pleased to announce the closure of a private placement in conjunction with the previously announced addition of Mr. Andrew Abouchar to its management team as Executive Vice President - Underwriting.
The private placement of $128,800 is for Units of TIMIA Capital Corp., comprised of common shares at $0.10 per share and one share purchase warrant. Each warrant gives the holder the right to subscribe for one common share of TIMIA at $0.115 for two years from the date of closing.
Mr. Abouchar, a company insider, has subscribed for the full offering of 1,288,000 Units.
The price of the units was determined in accordance with the policies of the TSX Venture Exchange. The acquisition of units by insiders under the private placement was exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 pursuant to sections 5.5(a) and 5.7(a) of that instrument. All securities issued under the private placement are subject to a four-month hold period.
Proceeds from the private placement will be used for general working capital and to consider additional investments in growing technology companies. No finders received any fees in connection with the private placement.
About TIMIA Capital Corp.
TIMIA Capital Corporation is a specialty finance company that provides revenue financing to technology companies in exchange for a royalty stream on revenue. The alternative financing option compliments both debt and equity financing, while allowing entrepreneurs to retain control of their business. TIMIA's target market is the fast-growing growing business-to-business software-as-a-service (SaaS) segment. TIMIA is run by a seasoned investment team with a track record of originating and managing debt and equity investments, as well as monitoring, compliance and workouts.
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 news release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. The Company disclaims any obligation to update the forward-looking statements except as required by law.