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Knightscove Media Corp. Announces Completion of Private Placement of Convertible Debentures(March 28, 2012)
TORONTO, ONTARIO -- (Marketwire) -- 03/28/12 -- Knightscove Media Corp. (TSX VENTURE:KC.A)(TSX VENTURE:KC.B) ("Knightscove") is pleased to announce that it has completed a private placement offering of $385,000 of convertible debentures (the "Debentures"). All securities issued pursuant to the financing will be subject to a four-month hold period.
The Debenture financing provides that the principal amount of the Debentures will bear interest at a rate of 12% per annum, payable quarterly (in cash or in subordinate voting shares ("SVS") of Knightscove), and that the Debentures will mature two years from closing. The Debentures are convertible at the option of the subscriber either (i) at any time during the first year of the term of the Debentures into SVS at a rate of one (1) SVS in the capital of Knightscove per $0.125 of Debenture; or (ii) at any time during the second year of the Debenture into SVS at a rate of one (1) SVS in the capital of the Corporation per $0.17 of Debenture. The Debentures shall automatically convert into SVS (at the conversion prices described above) in the capital of Knightscove following the SVS trading at or above seventy-five cents ($0.75) on the TSX Venture Exchange for a period of twenty (20) consecutive days or more.
Finders' fees may be payable to eligible persons with respect to the financing and will be subject to regulatory approval. The net proceeds will be used by Knightscove to fund the acquisition of FDR Media Group Inc. and general working capital.
Knightscove has 66,295,101 subordinate voting shares and 10,232,819 multiple voting shares issued and outstanding. Additional information regarding the business of Knightscove may be found filed on SEDAR at www.sedar.com.
These securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or resold in the United States or to a U.S. person absent registration or an applicable exemption from the registration requirements.
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.
Knightscove Media Corp.
President and CEO
(416) 222-7900 x222
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