Montreal, QC – Siyata Mobile Inc. (TSX-V:SIM / PINK:SIMFF) (“Siyata” or the “Company”) is pleased to announce that it has completed a non-brokered private placement of 8,299,714 units (each, a “Unit”), at a price of $0.35 per unit, for gross proceeds of $2,904,899.90. Siyata originally announced a private placement of $2.5M, but agreed to increase the size of financing due to investor demand. Each Unit consists of one common share of the Company, and one common share purchase warrant (a “Warrant”). Each Warrant is exercisable to acquire one additional common share of the Company for two years, at a price of $0.50 per share.
Marc Seelenfreund, CEO of Siyata Mobile, stated, “The completion of this financing leaves Siyata very well capitalized to execute on our growth plans for both our connected-vehicle devices and our line of Uniden® cellular boosters in North America. This was a great vote of confidence in the company from its current and new shareholders as well as from its founding investor, Shamrock Private Equity.”
All securities issued in connection with the private placement are subject to a hold period expiring October 11, 2016. In connection with closing of the private placement, the Company has paid finders’ fees of $146,066.49, and issued 417,330 broker warrants to persons introducing subscribers to the Company. Each broker warrant is exercisable to acquire one additional common share of the Company at a price of $0.35 per share for a period of 24 months.
Siyata Mobile Inc. is a leading global developer and provider of a vehicle-mounted communications platform over advanced mobile networks. Through its newly acquired subsidiary, Signifi Mobile, Siyata also markets and sells Uniden® cellular signal boosters and accessories across Canada and the United States. Siyata’s customers include cellular operators, commercial vehicle technology distributors, and fleets of all sizes in Canada, the US, Europe, Australia, and the Middle East.
Siyata’s “Connected-Vehicle” devices and accessories are specifically designed for professional fleets such as trucks, vans, buses, ambulances, government cars and more. Siyata aims to provide greater mobile connectivity for professional drivers and facilitate replacement of the current in-vehicle, multi-device status quo with a single device that incorporates voice, data, and fleet management solutions. Visitwww.siyatamobile.com to learn more.
On Behalf of the Board of Directors of:
SIYATA MOBILE INC.
CEO and Director
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This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.