TSX Venture Exchange
Trading Symbol: SPN
/NOT FOR DISSEMINATION IN THE UNITED
STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND
DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED
HEREIN./
BETHESDA, MD, Jan. 14, 2015 /CNW/ - Snipp Interactive
Inc. ("Snipp")(Trading Symbol: SPN), is pleased to announce
that it has entered into an agreement with Canaccord Genuity Corp.
("Canaccord"), pursuant to which a syndicate of underwriters led by
Canaccord (the "Underwriters") will purchase units of the Company
("Units") at a price of C$0.55 per
Unit to raise gross proceeds of C$8,002,500 (the "Underwritten Offering").
Each Unit shall consist of one common share in the Company and
one half of one common share purchase warrant of the Company
exercisable for a period of 24 months from the closing date. Each
whole warrant shall be exercisable into one common share of the
Company at US$0.63 per share
(note pricing of warrants in US$). The warrants will be
subject to a forced conversion mechanism.
In addition, the Company will grant the Underwriter an option to
sell additional units (the "Over-Allotment Units") of the Company
(and together with the Units, the "Offered Securities"), to raise
additional gross proceeds of up to C$4,000,000 (the "Over-Allotment Option" and
together with the Underwritten Offering, the "Offering").
The net proceeds raised through the Offering will be used for
product development, marketing and general working capital
purposes.
Closing of the Offering is anticipated to occur on or about
February 4, 2015 (the "Closing
Date"). Closing of the Offering is subject to receipt of regulatory
approvals, including the acceptance of the Offering by the Toronto
Venture Exchange. The Offered Securities will be subject to a four
month hold period under applicable securities laws in Canada.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein in
the United States. The securities
described herein have not been and will not be registered under the
United States Securities Act of 1933, as amended, and may not be
offered or sold in the United
States or to the account or benefit of a U.S. person absent
an exemption from the registration requirements of such
Act.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve
risks and uncertainties, which may cause actual results to differ
materially from the statements made. When used in this document,
the words "may", "would", "could", "will", "intend", "plan",
"anticipate", "believe", "estimate", "expect" and similar
expressions are intended to identify forward-looking statements.
Forward looking information includes but is not limited to
statements with respect to the anticipated closing date of the
Offering. In particular, there can be no assurance that the
Offering will close. Such statements reflect our current views with
respect to future events and are subject to such risks and
uncertainties. Many factors could cause our actual results to
differ materially from the statements made, including those factors
discussed in filings made by us with the Canadian securities
regulatory authorities. Should one or more of these risks and
uncertainties, such as changes in demand for and prices for the
products of the company or the materials required to produce those
products, labour relations problems, currency and interest rate
fluctuations, increased competition and general economic and market
factors, occur or should assumptions underlying the forward looking
statements prove incorrect, actual results may vary materially from
those described herein as intended, planned, anticipated, or
expected. We do not intend and do not assume any obligation to
update these forward-looking statements, except as required by law.
The reader is cautioned not to put undue reliance on such
forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Copyright Snipp Interactive Inc. All rights reserved. All other
trademarks and trade names are the property of their respective
owners.
This press release does not constitute and the subject matter
hereof is not, an offer for sale or a solicitation of an offer to
buy, in the United States or to
any "U.S Person" (as such term is defined in Regulation S under the
U.S. Securities Act of 1933, as amended (the "1933 Act")) of any
equity or other securities of Snipp. The securities
of Snipp have not been registered under the 1933
Act and may not be offered or sold in the
United States (or to a U.S. Person) absent registration
under the 1933 Act or an applicable exemption from the registration
requirements of the 1933 Act.
NOT FOR DISSEMINATION IN THE UNITED
STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND
DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED
HEREIN.
SOURCE Snipp Interactive Inc.