LM looks nice but will have to choke through 5M shares and 5M warrants that just became free trading. thats a lot of paper to chew on. Have a look at BRM.V 45c, made 5c last Q and 4c on 1st Q, will repeat performance rest of year for sure (see backlog and outlook comments), is very very tight as has only 13M shares out and a lot on insider hands.
Lingo Media closes $500,000 private placement
2015-04-17 18:35 ET - News Release
Mr. Michael Kraft reports
LINGO MEDIA CLOSES PRIVATE PLACEMENT FINANCING
Lingo Media Corp. has closed a non-brokered private placement financing of five million units at 10 cents per unit for gross proceeds of $500,000. Each unit comprises one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of 12.5 cents per share until April 17, 2016. One director of Lingo Media purchased $40,000 of the units, and declared a conflict and recused himself from voting on the financing. There was no materially contrary view or abstention by any director approving the financing. Pursuant to Multilateral Instrument 61-101, protection of minority securityholders in special transactions, the purchase by the purchasing director was a related-party transaction, but the company was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the financing.
The securities issued pursuant to the financing will be subject to a four-month regulatory hold period commencing from April 17, 2015. The financing is subject to TSX Venture Exchange acceptance of requisite regulatory filings. Immediately following the closing of this financing, Lingo has 27,379,177 common shares issued and outstanding. The net proceeds of the financing will be used for corporate development and for general working capital purposes.
We seek Safe Harbor.
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