UFPB VoodooVox LLC

October 28, 2015 17:22 ET

UFPB VoodooVox LLC Purchase of Units in UpSnap, Inc.

TORONTO, ONTARIO--(Marketwired - Oct. 28, 2015) - UFPB VoodooVox LLC ("UFPB") announced that it has participated in a non-brokered private placement offering by UpSnap, Inc. (the "Company") effective October 23, 2015, wherein the Company issued an aggregate of 35,000,000 units ("Units") at a price of $0.03 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 October 23, 2018. UFPB purchased 15,000,000 Units in the Financing at a total purchase price of $450,000.00.

Prior to the completion of the Financing, UFPB owned 86,500,001 common shares of the Company representing 43.11% of the issued and outstanding common shares of the Company, 9,500,000 common share purchase warrants (the "Existing Warrants"), and a secured debenture in the amount of $100,000 bearing interest at the annual rate of 13.5%.

Following the Financing, the Offeror owns an aggregate 101,500,001 common shares representing 43.07% of the issued and outstanding common shares of the Corporation. In addition, the Offeror has the right to acquire (pursuant to the terms of the Warrant Shares acquired in the Financing) an additional 7,500,000 common shares, which assuming the exercise of the Existing Warrants, will result in the Offeror owning an aggregate 118,500,001 common shares representing 46.90% 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
    Bruce C. Howard
    281-465-5432