MiMedia closes $6 million private placement of shares

MiMedia Holdings Inc. (TSXV: MIM) (OTCQB: MIMDF) (FSE: KH3) completed a non-brokered private placement, issuing 24 million subordinate voting shares at $0.25 per share for gross proceeds of $6 million.

The company stated the net proceeds will support growth initiatives, operations and general working capital purposes. The offering follows a February 25 announcement regarding the private placement.

All securities issued are subject to a statutory hold period of four months and one day from the date of issuance, according to applicable securities laws and TSX Venture Exchange policies. The offering remains subject to final TSXV approval.

MiMedia operates a consumer cloud platform for personal media storage and access across devices and operating systems. The company partners with smartphone manufacturers and telecommunications carriers globally.

The securities were not registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption.

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