Siyata Mobile Inc has increased its previously announced private placement from $2 million to $2.5 million. The investors were not named. Headquartered in Toronto, Siyata Mobile is a maker of connected vehicle products.
TORONTO, ON–(Marketwired – May 27, 2016) – Siyata Mobile Inc. (TSX VENTURE: SIM) (OTC PINK: SIMFF) (“Siyata” or the “Company”) is pleased to announce that due to strong investor demand it has increased the size of its previously announced private placement (the “Private Placement”) from $2,000,000 to $2,500,000. The Private Placement involves the issuance of up to 7,142,857 units (the “Units”) at $0.35 per Unit. Each Unit will be comprised of one common share of the Company and one common share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder to purchase one common share of the Company at any time prior to two years after the issue date at a price of $0.50.
The Private Placement will be conducted on a non-brokered basis to institutional and accredited investors under applicable securities laws and is subject to the approval of the TSX Venture Exchange.
Siyata plans to close the placement on or before June 30, 2016 and expects that approximately 25% of the Private Placement will be subscribed for by Shamrock Private Equity. The Company may pay finder’s fees in connection with the Private Placement.
The proceeds of the Private Placement will be used principally for the Company’s growth strategy in North America, and general working capital.
Siyata Mobile Inc. is a leading global developer and provider of a vehicle-mounted communications platform over advanced mobile networks. Siyata’s customers include cellular operators, commercial vehicle technology distributors, and fleets of all sizes in Canada, the US, Europe, Australia, and the Middle East.
Siyata’s “Connected-Vehicle” devices and accessories are specifically designed for professional fleets such as trucks, vans, buses, ambulances, government cars and more. Siyata aims to provide greater mobile connectivity for professional drivers and facilitate replacement of the current in-vehicle, multi device status quo with a single device that incorporates voice, data, and fleet management solutions. Visit www.siyatamobile.com to learn more.
On Behalf of the Board of Directors of:
SIYATA MOBILE INC.
CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.