03:44 PM EST - Multiplied Media Corp. : announced that it is proceeding to negotiate with UnoMobi Inc. and Reward Phone International Inc. for the acquisition of the UnoMobi Group. Trading in the shares of the company was temporarily halted by the TSX Venture Exchange on June 1, 2009 pending clarification of certain matters regarding the proposed acquisition. On closing of the acquisition, it is proposed that Marvin Igelman, chief executive officer of UnoMobi and an additional nominee of UnoMobi, will be appointed to the board of directors of the company. Multiplied Media Corp.
Separately, Multiplied Media said it entered into a private placement financing agreement, on a best efforts basis, with Research Capital Corp.
Pursuant to the agreement, the company will issue by way of private placement up to $7 million of its units to be priced in the context of the market seven days prior to closing in accordance with the policies of the TSX Venture Exchange. The company intends to use proceeds of the offering for development and integration of UnoMobi's products, development and deployment of its existing product on additional smartphone platforms, releasing its products into new geographic areas, and for general working capital purposes.
shares V.MMC are trading up $0.01 at $0.09.
