Moovly Media closes $804K private placements

CPE News

Vancouver (pcJ News Briefs) – Moovly Media Inc. (TSX-V: MVY; FSE: 0PV2) has closed a first tranche of its previously announced brokered private placement, issuing 3,240,000 units at $0.15 per unit for gross proceeds of $486,000.

Concurrently with the completion of the first tranche of the brokered private placement, Moovly Media completed a non-brokered private placement and issued an additional 2,119,518 units for additional gross proceeds of $317,927.70.

Each unit is comprised of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase a common share at a price of $0.25 per share for a period of one year from the date of issuance.

Leede Jones Gable Inc. acted as the exclusive agent on a commercially reasonable efforts basis. It is expected that completion of a second tranche of the brokered private placement will be forthcoming.

Net proceeds will be used to fund sales and marketing growth of the company and accelerate commercialisation of two key products groups as well as for general corporate purposes.

Moovly Media is a cloud based multimedia platform that enables people to create engaging multimedia content by making it affordable, intuitive and simple. Users choose from extensive animated content libraries in various styles and can add their own images, movies and sounds to create captivating videos and presentations. Finished work is published on major social channels like Facebook and YouTube, shared for viewing or editing in the online Moovly User Gallery or downloaded with the click of a button.

photo credit: Moovly Media