CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwired - Aug. 18, 2016) -
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
Vogogo Inc. ("Vogogo" or the "Company") (TSX VENTURE:VGO) today announces that it will conduct a non-brokered private placement of its common shares ("Shares") (the "Offering"), for aggregate gross proceeds of up to $2,000,000. The Offering will be conducted at a price to be determined subject to market conditions and applicable discounts pursuant to the policies of the TSX Venture Exchange ("TSXV") based on the closing price of the Shares as of August 17, 2016. The Company anticipates that certain insiders may participate in the Offering. The Company may pay fees to certain finders with respect to the placement of Shares under the Offering in accordance with the policies of the TSXV.
Proceeds of the Offering will be used for general corporate purposes and to augment the Company's cash reserves. Shares acquired by placees under the Offering will be subject to a four-month hold period from the date of completion of the Offering, in accordance with applicable securities legislation.
Vogogo is also pleased to announce today that Gino DeMichele, currently a director of the Company, has been appointed as Vogogo's interim President and Chief Executive Officer.
About Vogogo Inc.
Vogogo Inc. has provided payment processing and related transaction risk services. The Company has developed software that administers multiple electronic payment types including card payments, pre-authorized debit, direct deposit, peer-to-peer and online banking payments for the US, UK and Canadian markets. The head office is located at 400, 320 - 23rd Avenue SW, Calgary, Alberta, Canada, T2S 0J2. The registered office is located at Torys LLP, 4600, 525 - 8th Avenue SW, Calgary, Alberta.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
This press release is not for distribution to United States news services or for dissemination in the United States, and does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any State securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements. All information, other than information regarding historic fact that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future is forward-looking information. Forward-looking information contained in this news release includes, but is not limited to the completion of the Offering, insider participation therein, use of proceeds therefrom and payment of finder's fees. The words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by Vogogo. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Vogogo. Vogogo does not have any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws. See Vogogo's Annual Information Form for the year ended December 31, 2015 and its Management's Discussion and Analysis for the three-month period ended March 31, 2016 for a detailed discussion of risk factors.