Siyata Mobile closes $5.1M private placement

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By CPE News

Montreal (pcJ News Briefs) – Siyata Mobile Inc. (TSX-V: SIM; OTCPK: SIMFF) has completed a brokered private placement of 12,835,000 units at $0.40 per unit for gross proceeds of CDN $5.134 million.

The offering was made through a syndicate of investment dealers led by Paradigm Capital Inc. and including PI Financial Corp. and Haywood Securities Inc.

As a result of the financing, Siyata Mobile has CDN $9 million in available working capital, positioning the company to be well-capitalized as it expands its sales and reach into North America.

Each unit is compromised of one common share and one common share purchase warrant. Each warrant is exercisable to acquire one common share at an exercise price of CDN $0.50 per share until March 16, 2019, subject to customary anti-dilution adjustments and accelerated expiry.

Net proceeds will be used to fund its future growth in the North American market and for working capital purposes.

Siyata Mobile Inc. is a leading global developer and provider of innovative cellular communication systems under the UnidenĀ® Cellular brand. Siyata’s “Connected-Vehicle” devices and accessories are specifically designed for professional fleets including trucks, vans, buses, emergency service vehicles, government cars and more.

photo credit: Siyata Mobile