- QYOU Media (QYOU) has closed a public offering for gross proceeds of $3,203,840
- The offering included the partial exercise of the agent’s over-allotment option
- QYOU intends to use the net proceeds to build out its Indian operations
- As a leading influencer marketing firm in the U.S., QYOU creates and manages campaigns for famous movie studios, brands, and game publishers
- QYOU Media Inc. (QYOU) is up 4 per cent on the day, trading at C$0.13 per share at 10 am ET
QYOU Media (QYOU) has closed its previously announced public offering for gross proceeds of $3,203,840.
The offering included the partial exercise of the agent’s over-allotment option for a total of 25,600,000 units at a price of $0.125 per unit and 1,920,000 warrants.
The offering was led by Clarus Securities Inc., who acted as the sole agent and bookrunner.
QYOU Media CEO and Co-Founder Curt Marvis commented on the capital raise.
“We are grateful to Clarus and our other investors in this financing for recognizing our business and financial achievements over the last 18 months, along with the tremendous growth potential for what we expect to do going forward. In tough markets like these, you need to fight through and continue to build, knowing that the market will eventually recover and reward what has happened in the business. This financing helps assure that in 2023 and beyond, all of our management and employees are committed to delivering on the huge opportunity in front of us at QYOU Media.”
QYOU intends to use the net proceeds to build out its Indian operations and for working capital and general corporate purposes.
Each Unit consisted of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at $0.20 until November 17, 2024.
The company also completed a concurrent private placement of 1,840,000 units for gross proceeds of $230,000.
The company paid approximately $17,250 and issued compensation options to persons who assisted with the concurrent private placement.
The securities issued are subject to a statutory four-month hold period, expiring March 18, 2023.
QYOU Media produces and distributes content from social media stars and digital content creators in India and the United States. As a leading influencer marketing firm in the U.S., QYOU creates and manages campaigns for famous movie studios, brands, and game publishers.
QYOU Media Inc. (QYOU) is up 4 per cent on the day, trading at C$0.13 per share at 10 am ET.
