- Moovly Media Inc. (MVY) has announced the closure of a non-brokered private placement
- At C$0.45 per unit, the common shares will generate $3.8 million in gross proceeds
- Moovly has been increasing its integration with other platforms, including Twitter and Wistia, over the last several months
- The company is a web-based content creation provider targeting small businesses and professionals
- Moovly Media (MVY) is currently down 9.09 per cent at C$0.60 per share, as of 3:39 pm ET
Moovly Media Inc. (MVY) has announced the closure of a non-brokered private placement.
After announcing integration with Twitter and video marketing software Wistia earlier this month, the private placement is a logical next step for the media company.
The company has issued 8,444,445 units at the price of C$0.45 per unit, generating aggregate gross proceeds of $3.8 million.
Each unit is comprised of one common share in the capital of the company and one common share purchase warrant. Each warrant will be exercisable at a price of $0.62 per share for a period of 24 months from the date of issuance.
The company has also issued 226,656 finders’ warrants to eligible parties. Each finders’ warrant entitles the holder to purchase one Common Share at a price of $0.62 for a period of 24 months from the date of issuance.
The proceeds from the private placement will be used to fund sales and marketing growth, development and engineering enhancement, and general corporate purposes.
Moovly is a web-based content creation provider targeting small businesses and professionals. It is the leading provider of creative cloud-based tools to create compelling marketing, communications and training videos and video presentations.
The company’s clients include users from over 300 of the Fortune 500, small businesses, freelancers and Ivy league universities.
Moovly Media (MVY) is currently down 9.09 per cent at C$0.60 per share, as of 3:39 pm ET.