Prodigy Ventures Inc. Announces Brokered Private Placement

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Prodigy Ventures Inc. Announces Brokered Private Placement

Canada NewsWire

(TSXV-PGV)

TORONTO, April 11, 2017 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy" or the "Company") today announced that it plans to conduct a private placement offering (the "Offering"), led by Gravitas Securities Inc. ("Gravitas" or the "Underwriter") on a best efforts basis, to raise a minimum of $3,000,000. The Offering will consist of a minimum of 8,571,430 units (the "Units") at a price of $0.35 (the "Issue Price") per Unit.

Each Unit will consist of one common share ("Common Share") of the Company and one-half of one Common Share warrant ("Warrant"). Each whole Warrant will be exercisable into one Common Share of the Company at a price of $0.50 for a period of 24 months from the date of closing. The Company will have the right to accelerate the expiry date of the Warrants on notice to Warrant holders if the closing price of the Company's Common Shares is higher than $0.53 for a period of 20 consecutive trading days after a period of four months and one day from the closing of the Offering, in which case the Warrants will expire 30 days after the date on which such notice is given.

The Company plans to use the gross proceeds of the Offering for marketing, general and working capital purposes.

On closing, the Company will pay the Underwriters a commission equal to 7% of the gross proceeds of the Offering in cash, and will issue such number of broker warrants equal to 7% of the number of Units sold in the Offering.  Each broker warrant will be exercisable into one common share at the Issue Price for a period of two years from the closing date.

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.

About Prodigy Ventures Inc.

Prodigy Ventures is an innovation company that has combined an enterprise services business - Prodigy Labs - with a Venture Builder business. The two businesses work together to sell services and create new enterprise-grade platforms and apps using technologies such as mobile video, proximity, wearables, 3D & augmented reality.

Prodigy has been named as one of Canada's fastest growing technology companies in the 19th annual Deloitte Technology Fast 50™ awards for demonstrating bold innovation, dedicated leadership and strong growth. Prodigy also ranked on Deloitte's Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America.

Forward-Looking Statements

Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things, the Company's ability to complete the proposed financing and use the proceeds as set forth herein. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's Management's Discussion and Analysis for the period ended December 31, 2016, a copy of which is filed on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.

SOURCE Prodigy Ventures Inc.

View original content: http://www.newswire.ca/en/releases/archive/April2017/11/c8354.html

Copyright CNW Group 2017

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