Digital Shelf Space Announces Closing of Final Tranche of $3,000,000 Financing
May 09 2014 - 4:42PM
Marketwired
Digital Shelf Space Announces Closing of Final Tranche of
$3,000,000 Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 9, 2014) -
Digital Shelf Space Corp. (the "Company" or "DSS")
(TSX-VENTURE:DSS)(PINKSHEETS:DTSRF) is pleased to announce that
further to its new releases dated April 23, 2014 and April 30,
2014, the Company has closed the second and final tranche of its
private placement financing (the "Offering") and issued 3,640,000
units at a price of $0.10 per unit for gross proceeds of $364,000.
Proceeds from the closing of this tranche of the Offering combined
with the proceeds of the first tranche of the Offering provide the
Company with total gross proceeds of $3,000,000.
Each unit consists of one common share and one common share
purchase warrant. Each whole purchase warrant entitles the holder
to purchase one common share of the Company at the price of $0.15
per common share on or before the date occurring 12 months
following the closing of the Offering (the "Offering
Warrants").
The Company paid finder's fees totaling $25,480 and issued
254,800 non-transferrable share purchase warrants as finder's fees.
The non-transferrable share purchase warrants issued as finder's
fees have the same exercise price and term as the Offering
Warrants.
In accordance with applicable securities legislation, securities
issued pursuant to the Offering are subject to a hold period of
four months plus one day from the date of completion of the
Offering.
The Offering and payment of finders' fees are subject to final
regulatory approval.
Monies raised from this financing will be used toward working
capital and general corporate purposes and transaction and related
expenses.
About Digital Shelf Space Corp.
Digital Shelf Space is an independent creator, producer and
distributor of home entertainment content targeted at the fitness
and sports instruction market. Digital Shelf Space's overall
content partnership strategy is to align itself with world-class,
global brand partners. For more information please visit
www.digitalshelfspace.com and to view the Company's products please
visit www.gsprushfit.com and www.touracademydvds.com.
ON BEHALF OF THE BOARD
Jeffrey Sharpe, President & CEO
Forward Looking Statements
This news release contains "forward-looking information"
within the meaning of the Canadian securities laws. Forward-looking
information is generally identifiable by use of the words
"believes", "may", "plans", "will", "anticipates", "intends",
"budgets", "could", "estimates", "expects", "forecasts", "projects"
and similar expressions, and the negative of such expressions.
Forward-looking information in this news release include statements
about the use of proceeds received from the Offering.
In connection with the forward-looking information contained
in this news release, Digital Shelf Space has made numerous
assumptions. While Digital Shelf Space considers these assumptions
to be reasonable, these assumptions are inherently subject to
significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which
could cause Digital Shelf Space's actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information contained herein. Known risk factors
include, among others: Digital Shelf Space may not use funds
received from the Offering as currently contemplated; reliance on
the health and marketability of celebrity fitness talent in
productions owned by Digital Shelf Space; actual results from the
use of celebrity fitness products may differ substantially from
anticipated results; the substantial investment of capital required
to produce and market video and entertainment productions,
limitations imposed by our financing abilities, unpredictability of
the commercial success of our programming, difficulties in
integrating technological changes and other trends affecting the
entertainment industry.
A more complete discussion of the risks and uncertainties
facing Digital Shelf Space is disclosed in Digital Shelf Space's
continuous disclosure filings with Canadian securities regulatory
authorities at www.sedar.com. All forward-looking information
herein is qualified in its entirety by this cautionary statement,
and Digital Shelf Space disclaims any obligation to revise or
update any such forward-looking information or to publicly announce
the result of any revisions to any of the forward-looking
information contained herein to reflect future results, events or
developments, except as required by law.
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 the release.
Digital Shelf Space Corp.Jeff SharpePresident &
CEO604.736-7977
ext.111604.736-7944jeff@digitalshelfspace.comwww.digitalshelfspace.com
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