Siyata Mobile Completes $2.0 Million Private Placement Financing
Montréal, QC – Siyata Mobile Inc. (TSX-V:SIM | OTCQX: SYATF) (the “Company” or “Siyata”), is pleased to announce that it has completed a non-brokered private placement of 4,623,800 units (each, a “Unit”), at a price of $0.45 per unit, for gross proceeds of $2,080,710.00. 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 three years, at a price of $0.60 per share.
All securities issued in connection with the private placement are subject to a hold period expiring April 22, 2019. In connection with closing of the private placement, the Company has paid finders’ fees of $102,589.20, and issued 227,976 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 $0.60 per share for a period of three years.
Marc Seelenfreund, CEO and director of Siyata states, “We are very pleased to add to our treasury and increase our working capital. Coupled with the recent cash injection from the warrants, and inventory, we are extremely well capitalized to execute on the North American roll out in 2019.”
The proceeds of the financing will be used principally for general working capital purposes.
Siyata Mobile Inc. is a leading global developer and provider of a vehicle-mounted communications platform over advanced mobile networks. 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. Visit www.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.