Siyata Mobile Closes Second and Final Tranche of Private Placement for a Total of $2,150,000
Appoints Daniel Kim as VP Corporate Development
Montréal, QC – Siyata Mobile Inc. (TSX-V:SIM / OTCQX: SYATF / FRA: WK3D) is pleased to announce that it has completed the second and final tranche of the previously announced non-brokered private placement of Units (defined below). The Company closed on the sale of an additional 7,065,800 units of the Company (the “Units”) at a price of $0.10 per Unit for aggregate gross proceeds of $706,580 (the “Second Tranche”). Together with the first tranche, Siyata raised aggregate gross proceeds of $2,150,000.
Each Unit consists of one common share of the Company (the “Shares”) and one-half of a common share purchase warrant, entitling the holder to acquire an additional common share of the Company at a price of $0.18 for a period of two years from the date of issuance (the “Warrants”).
In connection with the Second Tranche, the Company paid a cash commission totaling $22,931.60 and issued 229,316 finder’s warrants. Each finder’s warrant entitles the holder to acquire one Share at a price of $0.18 per Share for a period of two years from issuance.
The Company intends to use the net proceeds of the Second Tranche for general corporate purposes including to bolster working capital and to enable the continued acceleration of growth in the United-States market, where Siyata enjoys its highest margins.
All securities issued in connection with the Second Tranche are subject to a four-month-and-one-day statutory hold period from the date of issuance.
The Company also announces the appointment of Daniel Kim as Vice President of Corporate Development for Siyata Mobile, effective immediately.
Mr. Kim is a seasoned individual in the technology industry with demonstrated roles as a Technology Analyst for numerous firms such as Paradigm Capital and National Bank Financial. His extensive background with over 25 years of experience supported his most recent position as the Executive VP of Corporate Development at Baylin Technologies Inc. Mr. Kim’s objectives for Siyata include interfacing with the investment community through multiple channels and programs, raising the Company’s profile with industry research organizations, and to develop tactical plans for budgeting organic growth strategies. He will also be liaising with analysts, managing marketing activities such as roadshows, and assisting in all aspects of strategic planning processes.
Marc Seelenfreund, CEO of Siyata Mobile, states, “The closing of this financing will provide us the necessary working capital to continue to ramp our sales in the U.S. market, a critical component of our overall growth strategy. We are also excited to have Daniel Kim join our team. Daniel is a highly respected and seasoned individual in the telecom market, and we are confident that he will be an incredible asset as we raise the profile of the Company both within the investment community and in the overall telecom arena.”
Siyata Mobile Inc. is a B2B global vendor of next generation Push-To-Talk over Cellular (PTT) devices and cellular booster systems. Its portfolio of in-vehicle and rugged smartphones enable first responders and enterprise workers to instantly communicate, over a nationwide cellular network of choice, to improve communication, increase situational awareness and save lives.
Its portfolio of enterprise cellular booster systems enables first responders and enterprise workers to amplify its cellular signal in remote areas, inside structural buildings where signals are weak and within vehicles for maximum cellular signal strength possible.
On Behalf of the Board of Directors of:
SIYATA MOBILE INC.
Glenn Kennedy, VP Sales
Siyata Mobile Inc.
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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.