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IRW-Press: Destiny Media Approves Proposed Private Placement To Directors



Published on 09 June 2014



by Press Office

(IRW-PRESS and WireNews)

Vienna, Austria


Destiny Media Technologies (TSXV: DSY) (OTCQX: DSNY) announces that its board of directors has approved a proposed private placement to its directors for up to 128,701 shares of common stock at USD $0.96 per share for gross proceeds of up to USD $123,553.

As members of the board of directors will be subscribing for all of the shares offered 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 will 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 purposes.

Closing of the private placement is subject to the approval of the TSX Venture Exchange.

On Behalf of the Board of Directors

Steve Vestergaard

CEO

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 (http://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 (http://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 http://www.dsny.com.

For further information:

Contacts:

Steve Vestergaard

CEO Destiny Media Technologies, Inc.

Tel: 604 609 7736 x222

Investor Relations:

Dave Mossberg

Three Part Advisors

Tel: 817-310-0051

Destiny Media Technologies, Inc.

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 such statements.

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.


Contacts

  •  
  • Joachim Brunner
  • IRW-Press
  • PR Contact
  • Tel: +43724221193011
  •  
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Posted 2014-06-09 14:08:00