SITO Mobile Ltd (STTO)

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SITO Announces Closing of $6.0 Million Registered Direct Offering
JERSEY CITY, N.J., July 28, 2017 (GLOBE NEWSWIRE) -- SITO Mobile, Ltd. (NASDAQ:SITO), a leading mobile engagement platform (“SITO” or the “Company”), today announced the closing of its previously announced registered direct public offering of 1,200,000 shares of its common stock and warrants exercisable for up to approximately 300,000 shares of its common stock for gross proceeds of $6.0 million (the “Offering”). The shares and warrants were sold in units, each consisting of one share of common stock and a warrant to purchase 0.25 of one share of common stock at an exercise price of $6.25 per share of common stock. The units were sold at an offering price of $5.00 per unit. Lake Street Capital Markets acted as the Company’s financial advisor for the Offering and received warrants to purchase up to an aggregate of 20,000 shares of common stock at an exercise price of $6.25 per share of common stock as partial compensation for its services in connection with the Offering. 
The securities described above were offered directly to the investors without a placement agent or underwriter.
The net proceeds of the Offering will be used to repay the entire principal amount outstanding, together with accrued and unpaid interest, under the senior secured note issued pursuant to that certain Revenue Sharing and Note Purchase Agreement, dated October 3, 2014.
The securities described above were offered by the Company pursuant to a shelf registration statement (File No. 333-213221) previously filed with and subsequently declared effective by the Securities and Exchange Commission (the “SEC”) and a prospectus supplement. Copies of the prospectus supplement and the accompanying base prospectus relating to the Offering may be obtained by accessing the SEC’s website at http://www.sec.gov.
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