SITO Mobile, Ltd. announced that it has received $1.7 million in funding
June 27, 2019
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SITO Mobile, Ltd announced that it has entered into purchase agreement for private placement of secured subordinated non-convertible promissory notes for gross proceeds of $1,700,000 on June 28, 2019. The company issued notes with and aggregate principal amount of approximately $2,100,000 and warrants to purchase approximately 1,700,000 shares of common stock to certain accredited investors. The notes will be issued at an issuance discount of approximately 18% and will mature and become due 90 days from the date of issuance. The purchase price of each note and warrant will be equal to 82% of the principal amount of such note, such note each $1,000 paid, the investor will receive $1,219.51 in aggregate principal amount under the note and warrant to purchase 1,000 shares at an exercise price $1 per share. The company will also issue warrants to purchase common shares in the transaction. The warrants issued in the transaction will be immediately exercisable into common shares and will expire upon the earlier of two years from the date of grant or change in control. The company will issue securities pursuant to exemption provided under Regulation D. The company intended to raise $6,000,000 in the transaction.
SITO Mobile, Ltd. develops customized, data-driven solutions for brands spanning strategic insights and media. The Company's platform reveals an understanding of customer interests, actions and experiences providing clarity for clients when it comes to navigating business decisions. Using in-store targeting, proximity targeting, geo-conquesting and attribution data, the platform creates audience profiles to develop measurable targeted campaigns for brands. Its real-time, location-based technology gives clients the advantage of understanding the future of retail and consumer behavior. Its solutions include research, which provides data-driven problem solving; execution, which provides personalized, location-based advertising; measurement, which offers closed-loop attribution solutions; and insights, which provides decision-making solutions for businesses.