TORONTO, ONTARIO--(Marketwired - Aug. 26, 2014) - YANGAROO Inc. (TSX VENTURE:YOO) (OTCBB:YOOIF), the industry's leading secure digital media distribution company (the "Company"), announces that it has completed its brokered private placement financing (the "Private Placement") of common shares (the "Shares") sold at a price of $0.30 per Share, as was previously announced in a news release dated June 25th, 2014 (the "June 25 Release"). In the June 25 Release, the Company announced that, on the advice of TSX Venture Exchange (the "Exchange"), it was opening the Private Placement to accommodate a single investor, namely Killbear Acquisition Corp., a capital pool company whose subscription for the Shares would constitute its qualifying transaction (the "Qualifying Transaction") pursuant to the policies of the Exchange. The Company raised gross proceeds of CAD $300,000.00 (the "Proceeds"), which the Company will use primarily for working capital and accelerating growth in the advertising division. 1,000,000 Shares were issued.
In respect of the Private Placement, the Company paid agent's commissions equal to $21,000.00 plus expenses and issued 70,000 broker's warrants, which are exercisable for a period of 24 months at an exercise price of $0.30.
All securities issued to purchasers and agents under the Private Placement are subject to a four-month hold period pursuant to securities legislation and the policies of the TSX Venture Exchange, beginning as of August 25th, 2014.
YANGAROO is a company dedicated to digital media management. YANGAROO's patented Digital Media Distribution System (DMDS) is a leading secure B2B digital cloud based solution focused on the music and advertising industries. The DMDS solution provides more accountable, effective, and far less costly digital management of broadcast quality media via the Internet. It replaces the physical, satellite and closed network distribution and management of audio and video content, for music, music videos, and advertising to television, radio, media, retailers, and other authorized recipients. The YANGAROO Awards platform is now the industry standard and powers most of North America's major awards shows.
YANGAROO has offices in Toronto, New York, and Los Angeles. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTCBB: YOOIF.
The statements contained in this release that are not purely historical are forward-looking statements and are subject to risks and uncertainties that could cause such statements to differ materially from actual future events or results. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.