iSIGN Media Solutions Inc., a leading provider of interactive mobile proximity marketing and public security alert solutions announced updates on its proposed private placements and other matters.
On June 11, 2021, the Company announced its intentions to complete a non-brokered private placement for aggregate gross proceeds of $450,000, at a price of $0.05 per Unit. The TSX Venture Exchange (“Exchange”) has not approved the pricing of this placement as the Company’s proposed private placement for $6.9 million had not been made public at the time iSIGN filed for the price reservation for the $450,000 placement.
Additionally, iSIGN is announcing that the required documentation to allow the Company to close the $6.9 million placement previously announced on June 4, 2021, has not been received on a time frame that meets the requirements of the TSX-V Exchange (“Exchange”). The required documentation being written confirmation that funds are being held in trust pending completion of the Exchange’s review of the Personal Information Form (“PIF”) from the main investor.
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The Company plans to reapply to the Exchange again in the near future with pricing based on the prevailing market price at time of filing.
Lastly, the Company has requested that Alex Romanov serve as interim Chief Executive Officer until the Company completes its hiring process for a permanent Chief Executive Officer, pending approval by the Exchange. Mr. Romanov has accepted the role of Chief Executive Officer on this basis.