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TORONTO, Dec. 13, 2017 /CNW/ - AcuityAds Holdings
Inc. ("AcuityAds"), (TSXV:AT) ("AcuityAds" or the "Company"), a
technology leader that provides targeted digital media solutions
enabling advertisers to connect intelligently with audiences across
video, mobile, social and online display campaigns, today announced
that it proposes to complete a non-brokered private placement (the
"Offering") of common shares ("Common Shares") to raise aggregate
proceeds of up to $2.3 million.
In addition, the Company has reached an agreement to convert a
portion of its debt to equity. The Company has agreed with
certain lenders under its subordinated term loan (the "Term Loan")
that was extended as of November 10,
2017 to convert approximately $1.1
million of the amount owing to them into Common Shares at a
price per Common Share that is equal to the issue price under the
Offering (the "Debt Conversion"). Accordingly, for every
$1,000 of Term Loan being converted,
those lenders will receive 667 Common Shares.
The Common Shares to be issued under the Offering and in
connection with the Debt Conversion will have a price of
$1.50 per Common Share. The net
proceeds will be used for general working capital and corporate
purposes.
Certain members of the Board of Directors and Management will be
participating in the Offering and Debt Conversion. Insiders
may subscribe for more than 25% of the Offering.
Acuity has agreed to pay to eligible finders assisting in the
Offering a cash fee equal to 5% of the gross proceeds raised by
such finders.
Closing of the Offering and the Debt Conversion is expected to
occur on or about December 18, 2017.
The Offering and the Debt Conversion remain subject to the approval
of the TSX Venture Exchange. The Common Shares to be issued
in the Offering and the Debt Conversion will be subject to a
statutory four month hold period. A material change report in
respect of the Offering and the Debt Conversion will be filed by
the Company. The material change report will be filed less
than 21 days prior to the closing of the transactions, which is
consistent with market practice and the Company deems reasonable in
the circumstances.
About AcuityAds
AcuityAds is a technology company that enables marketers to
connect intelligently with their most meaningful audiences through
digital media. A Self-Serve programmatic marketing platform,
powered by proprietary machine learning technology, is at the core
of its business. This is accompanied by strategic digital
advertising solutions that cater to social, mobile and
video-specific needs. AcuityAds empowers marketers by offering
transparency on costs and brand safety, and real-time reporting and
analytics, bringing accountability to programmatic advertising to
deliver business results.
AcuityAds is headquartered in Toronto,
Canada with offices across North
America including New York
City, Boston, Chicago, Dallas, Los
Angeles, San Francisco,
San Diego, Vancouver, Calgary, Montreal and London, England. For more information,
visit www.AcuityAds.com.
Disclaimer in regards to Forward-looking Statements
Certain statements included herein constitute "forward-looking
statements" within the meaning of applicable securities laws.
Forward-looking statements include, but are not limited to,
statements with respect to the Offering and the Debt Conversion,
the use of proceeds of the Offering, and the closing of the
Offering and the Debt Conversion. All forward-looking
statements in this news release are based upon a number of
estimates and assumptions that, while considered reasonable by
management at this time, are inherently subject to significant
business, economic and competitive uncertainties and contingencies.
Forward‐looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievement of the Company to be materially
different from any future results, performance or achievements
express or implied by such forward‐looking statements. Such factors
include, among other things, the timing, size and completion of the
Offering and the completion of the Debt Conversion. Investors are
cautioned not to put undue reliance on forward-looking statements.
Except as required by law, AcuityAds does not intend, and
undertakes no obligation, to update any forward-looking statements
to reflect, in particular, new information or future events.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE AcuityAds Inc.