TORONTO, ONTARIO--(Marketwire - April 5, 2011) - ZoomerMedia Limited (the "Company" or "ZoomerMedia") (TSX VENTURE:ZUM) is pleased to announce it has closed its previously announced private placement offering (the "Offering") sold by Dundee Securities Ltd.
The Offering consisted of 16,211,400 common shares at $0.25 per share for gross proceeds of $4,052,850. The net proceeds of the Offering will be used to fund the previously announced acquisition of ONE: the Body, Mind and Spirit Channel Inc. as disclosed in a news release on March 22, 2011 and for working capital purposes.
In accordance with applicable securities legislation, the securities issued under the Offering will be subject to a hold period of four months from the closing date.
About ZoomerMedia Limited
ZoomerMedia is a multimedia company that serves the 45plus "Zoomer" demographic through television, radio, magazine, internet and trade shows. ZoomerMedia's television properties include; VisionTV, Canada's only multi-faith specialty television service; ONE: the Body, Mind & Spirit Channel, offering programs on exercise, meditation, yoga, natural health and living a planet-friendly lifestyle; Joytv 10 in Vancouver and Joytv 11 in Winnipeg, two conventional television stations, available over the air and on cable in their respective markets. ZoomerMedia's radio properties include CFMZ-FM Toronto - The New Classical 96.3FM, CFMX-FM Cobourg - The New Classical 103.1FM, Canada's only commercial classical music radio stations serving the Greater Toronto Area (GTA) and eastern Ontario, and CFZM-AM 740 Toronto - The New AM740 Zoomer Radio, the last music service left on the AM dial in the GTA. ZoomerMedia also publishes Zoomer Magazine, the largest paid circulation magazine in Canada for the 45plus market. ZoomerMedia is Canada's leading provider of online content targeting the 45plus age group through several properties, the key one being www.50plus.com. ZoomerMedia also has a trade show division that conducts annual consumer shows directed to the 45plus age group and owns ideaCity, an annual Canadian conference also known as 'Canada's Premiere Meeting of the Minds'.
Cautionary note on forward looking statements
The statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, the demand for ZoomerMedia's products and services and the availability of funding. These forward-looking statements are made as of the date hereof and ZoomerMedia does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from ZoomerMedia's expectations and projections.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to U.S Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.The TSX Venture Exchange has not reviewed this press release and neither approved nor disapproved the information contained in this press release.