Business & Finance
Business and Finance
Business and Finance
Tue, June 15, 2010
Mon, June 14, 2010 
GATINEAU, QUEBEC--(Marketwire - June 14, 2010) - Sitebrand Inc (TSX:SIB), a leader in online marketing solutions today announced it has provided an update regarding the non brokered private placement for gross proceeds of approximately $162,000 previously announced on April 29, 2010. Sitebrand now expects to raise up to approximately an additional $200,000 in subsequent closings in the next two weeks.
Under the terms of the financing, Sitebrand has issued 2,151,333 units at a price per unit of $0.075. Each unit consists of one common share and one non-transferable warrant entitling the investor to purchase a common share for an additional purchase price of $0.15 during the 18 month period following the closing. The warrants are subject to an earlier call right in favor of Sitebrand in the event the closing price of a common share equals or exceeds $0.20 for a 30 day period prior to the expiry date.
The securities issued under this private placement are subject to restrictions on transfer, including a hold period ending four months after closing. The subsequent closings of the private placement are subject to certain customary conditions, including the entering into of definitive subscription agreements with subscribers and the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The net proceeds of the financing will be used to fund working capital and for general corporate purposes.
About Sitebrand
Sitebrand personalizes the customer experience for leading online websites across North America with relevant messaging to boost conversion rates, build visitor loyalty, brand, and grow revenues. Sitebrand's personalization platform is an innovative, easy to integrate online marketing solution supported by a seasoned team of personalization experts. Founded in 2000, Sitebrand is the trusted leader in web personalization, serving nearly 500 million personalized experiences every month. Sitebrand customers include Smashbox Cosmetics, Kiyonna, James Allen Jewelers, Roots Canada, and BMO Financial.
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.
