MiMedia Holdings Inc. Completes $3.8 Million Private Placement

MiMedia Holdings Inc. (TSXV: MIM) (“MiMedia”) completed a non-brokered private placement of 12.5% unsecured convertible debenture units (the “Debenture Units”) for aggregate gross proceeds of $3.8 million.

Each Debenture Unit consisted of: (i) one $1,000 principal amount unsecured convertible debenture (a “Convertible Debenture”); (ii) 769 subordinate voting share purchase warrants with an exercise price of $0.65 per share (each, a “0.65 Warrants”); and (iii) 500 subordinate voting share purchase warrants with an exercise price of $1.00 per share (each, a “$1.00 Warrant”).

The outstanding principal amount of each Convertible Debenture is convertible at the option of the holder thereof, at any time on or after June 27, 2026 and prior to maturity, into subordinate voting shares at a conversion price of $0.50 per share. Each $0.65 Warrant is exercisable to acquire one subordinate voting share of MiMedia at an exercise price of $0.65 any time on or after June 27, 2026 until June 27, 2027. Each $1.00 Warrant is exercisable to acquire one subordinate voting share of MiMedia at an exercise price of $1.00 any time on or after June 27, 2026 until June 27, 2027. The Convertible Debentures mature on June 27, 2027 and bear interest at a rate of 12.5% per annum, payable in cash or subordinate voting shares, at the option of MiMedia, on a semi-annual basis.

MiMedia provides a next-generation consumer cloud platform that enables all types of personal media to be secured in the cloud, accessed seamlessly at any time, across all devices and on all operating systems. The company’s platform differentiates with its rich media experience, robust organization tools, private sharing capabilities and features that drive content reengagement. MiMedia partners with smartphone makers and telecom carriers globally and provides its partners with recurring revenue streams, improved customer retention and market differentiation. The platform services engaged users around the world.

Wildeboer Dellelce LLP acted for MiMedia with a team consisting of James Brown, Julie Anderson and Bronwyn Newell (corporate/securities) and Mariam Al-Shikarchy (tax).