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YANGAROO Announces Closing of Private Placement
TORONTO, CANADA May 22, 2015 – YANGAROO Inc. (TSX-V: YOO, OTC: YOOIF), the leading secure digital media management and distribution company (the “Company”), is pleased to announce that it has completed its non-brokered private placement financing (the “Private Placement”) of common shares (the “Shares”) sold at a price of $0.24 per Share, as was previously announced in a news release dated May 12th, 2015. The Company raised gross proceeds of CAD $626,200.00, which the Company will use primarily for working capital purposes. The Company issued 2,609,166 Shares pursuant to the Private Placement and paid finder’s fees consisting of $6,000.00.
As certain directors of the Company had participated in the Private Placement, this Private Placement constitutes a related party transaction under Multilateral Instrument 61-101 (“MI 61-101”) and TSX Venture Exchange Policy 5.9. The Company is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101, based on a determination that the securities of the Company are listed on the TSX Venture Exchange only and that the fair market value of the Private Placement, insofar as it involves interested parties, does not exceed 25% of the market capitalization of the Company at the time the Private Placement was initially announced. No new insiders have been created, nor has there been any change of control as a result of the Private Placement. The Company did not file a material change report 21 days prior to the closing of the Private Placement as the Private Placement had not yet been offered at such time.
All securities issued to purchasers under the Private Placement are subject to a four-month hold period pursuant to securities legislation and the policies of the TSX Venture Exchange, beginning as of May 21st, 2015.
YANGAROO is a company dedicated to digital media management. YANGAROO’s patented Digital Media Distribution System (DMDS) is a leading secure B2B digital cloud based solution focused on the music and advertising industries. The DMDS solution provides more accountable, effective, and far less costly digital management of broadcast quality media via the Internet. It replaces the physical, satellite and closed network distribution and management of audio and video content, for music, music videos, and advertising to television, radio, media, retailers, and other authorized recipients. The YANGAROO Awards platform is now the industry standard and powers most of North America’s major awards shows.
YANGAROO has offices in Toronto, New York, and Los Angeles. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTCBB: YOOIF.