UFPB VoodooVox LLC

October 23, 2015 13:46 ET

UFPB VoodooVox LLC Increases Holdings of UpSnap, Inc.

TORONTO, ONTARIO--(Marketwired - Oct. 23, 2015) - UFPB VoodooVox LLC ("UFPB") announced that it has participated in a non-brokered private placement offering by UpSnap, Inc. (the "Company") effective September 11, 2015, wherein the Company issued an aggregate of 32,000,000 units ("Units") at a price of $0.025 per Unit (the "Financing"). Each Unit consists of one common share of the Company, and one-half of a share purchase warrant. Each whole warrant will be exercisable into one additional common share ("Warrant Share") of the Company at $0.05 per Warrant Share until September 11, 2018. UFPB purchased 19,000,0001 Units in the Financing at a total purchase price of $475,000.02.

Prior to the completion of the Financing, UFPB owned 67,500,000 common shares of the Company representing 40% of the issued and outstanding common shares, and a secured debenture in the amount of $100,000 bearing interest at the annual rate of 13.5%.

Following the Financing, UFPB owns an aggregate 86,500,000 common shares representing 43.11% of the issued and outstanding common shares of the Company. In addition, UFPB has the right to acquire (pursuant to the terms of the Warrant Shares acquired in the Financing) an additional 9,500,000 common shares for an aggregate of 96,000,000 common shares of the Company, which, if fully exercised would result in UFPB owning 47.8% of the then issued and outstanding common shares on a partially diluted basis.

UFPB acquired the securities for investment purposes and intends to evaluate the investment and to increase or decrease its holdings in the Company as circumstances warrant.

Contact Information

  • UFPB VoodooVox LLC
    Attention: Bruce C. Howard