Live Current Media Closes $595,000 Financing
August 05 2010 - 9:01AM
Business Wire
Live Current Media Inc. (OTCBB:LIVC), an e-commerce company that
owns and operates the luxury fragrance brand, www.perfume.com, as
well as a portfolio of other domain names, today announced that it
has closed a private offering of units consisting of shares of
common stock and warrants for the purchase of common stock. Live
Current Media Inc. closed a private offering of 119 units at a
price of $5,000 per unit for total proceeds to the Company of
$595,000 in two tranches. The first tranche, in the amount of
$370,000, closed on July 23rd and the second tranche, in the amount
of $225,000, closed on August 4th. Each unit is comprised of 50,000
shares of common stock and a warrant for the purchase of 50,000
shares of common stock. Each warrant entitles the holder to
purchase one share of common stock for $0.15 per share for two
years. Neither the units nor the common stock included in the units
and underlying the warrants have been registered under the
Securities Act of 1933 and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements.
The proceeds will be used for general corporate purposes
including the purchase of perfume inventory for the key holiday
gift giving period.
“The closing of this financing will allow Live Current Media to
purchase brand name fragrances directly without having to go
through the secondary, grey market and to sell them at improved
margins”, states Live Current President and COO, Paul Morrison.
“Perfume.com will now be able to, in addition to purchasing the
classic fragrances, have access to the newest fragrances as they
are released. It can take up to six months for these new products
to filter down to the secondary, grey market, providing Live
Current with product that few other e-commerce sites will
carry.”
About Live Current Media Inc.
Live Current owns one of the most powerful and engaging content
and commerce destinations on the Internet in www.perfume.com. This
site and others in the Company’s portfolio can be built into
subject-specific DestinationHubs™, that can connect people to each
other and to the information, brands, and products they are
passionate about. Live Current has headquarters in Vancouver,
Canada with an office in Washington, W.A. and New York City, N.Y.
and is publicly traded on the OTCBB (LIVC). For more information,
visit www.livecurrent.com.
All statements in this press release that are not statements of
historical fact are forward-looking statements, including any
projections of growth, earnings, revenue, cash or other financial
items, any statements of the plans, strategies, objectives and
goals of management for future operations, any statements regarding
future economic conditions or performance, statements of belief and
any statements of assumptions underlying any of the foregoing.
These statements are based on expectations and assumptions as of
the date of this press release and are subject to numerous risks
and uncertainties, which could cause actual results to differ
materially from those described in the forward-looking statements.
These risks and uncertainties include, but are not limited to,
general economic conditions particularly as they relate to demand
for our products and services; competitive factors; pricing
pressures; changes in operating expenses; our ability to raise
capital as and when we need it and other factors. Live Current
Media Inc. assumes no obligation to update these forward-looking
statements to reflect future events or actual outcomes and does not
intend to do so.
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