VANCOUVER, June 13, 2014 /CNW/ - Destiny Media Technologies (TSXV: DSY)
(OTCQX: DSNY) announces that it has closed its private placement to its
directors for 128,701 shares of common stock at USD $0.96 per share for gross
proceeds of USD $123,553.
The shares sold pursuant to the private placement may only be resold pursuant
to Regulation S of the U.S. Securities Act, an effective registration
statement under the U.S. Securities Act or pursuant to an another exemption
from registration of the U.S. Securities Act. Under Canadian securities laws,
the shares are subject to restrictions on transfer until October 14, 2014.
As members of the board of directors subscribed for all of the shares under
the private placement, the issuance of the shares is considered a related
party transaction subject to TSX Venture Exchange Policy 5.9 and Multilateral
Instrument 61-101. Destiny Media is relying on exemptions from the formal
valuation and minority shareholder approval requirements provided under
sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that
participation in the private placement by insiders did not exceed 25% of the
fair market value of Destiny Media's market capitalization
Proceeds from the private placement will be used for general working capital
On Behalf of the Board of Directors
Destiny Media Technologies provides services that enable content owners to
securely display and distribute their audio and video content digitally
through the internet. The Company's two major services are Clipstream and Play
MPE®. Clipstream (www.clipstream.com) is a video format that plays on any
modern smart phone, tablet, internet, TV, or computer. With Clipstream, there
is no player to configure or install, videos never go obsolete, and there are
up to 90% cost savings by reducing the use of transcoding, infrastructure and
bandwidth. Play MPE (www.plaympe.com) provides a standardized method to
securely and cost effectively distribute pre-release music to radio stations
and other music industry professionals, before it is ready for sale. More
information can be found at www.dsny.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are subject to risks, uncertainties and assumptions and are
identified by words such as "expects," “intends”, "estimates," "projects,"
"anticipates," "believes," "could," and other similar words. All statements
addressing product performance, events, or developments that Destiny Media
Technologies, Inc. expects or anticipates will occur in the future are
forward-looking statements. Because the statements are forward-looking, they
should be evaluated in light of important risk factors and uncertainties.
Should one or more of these risks or uncertainties materialize, or should any
of Destiny Media Technologies, Inc.’s underlying assumptions prove
incorrect, actual results may vary materially from those currently
anticipated. Except as required by law, Destiny Media Technologies, Inc.
disclaims any obligation to update or publicly announce any revisions to any
of the forward-looking statements contained in this press release. There can
be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in
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 Destiny Media Technologies, Inc.
Contacts: Steve Vestergaard CEO Destiny Media Technologies, Inc. 604 609 7736
x222 Investor Relations: Dave Mossberg Three Part Advisors 817-310-0051
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CO: Destiny Media Technologies, Inc.
ST: British Columbia
NI: SOF PVT
-0- Jun/13/2014 13:00 GMT
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