All securities issued pursuant to the Offering are subject to a statutory hold period expiring on April 29, 2018. Net proceeds of the Offering will be used to fund general working capital and repay and close the credit facilities of Signifi Mobile Inc. (a wholly owned subsidiary of the Company) with the National Bank of Canada and with Business Development Bank of Canada and discharge the existing security over the assets of the borrower related thereto.About Siyata Siyata Mobile Inc. is a leading global developer and provider of cellular communications systems for enterprise customers, specializing in connected vehicle products for professional fleets, marketed under the Uniden® Cellular brand. Since developing the world's first 3G connected vehicle device, Siyata has been a pioneer in the industry, launching the world's first 4G LTE all-in-one fleet communications device in 2017. Incorporating voice, push-to-talk over cellular, data, and fleet management solutions into a single device, the company aims to become the connected vehicle communications device of choice for commercial vehicles and fleets around the world. Siyata also offers rugged phones for industrial users and signal boosters for homes, buildings, and fleets with poor cell coverage. Siyata's customers include cellular operators, commercial vehicle technology distributors, and fleets of all sizes in Canada, the U.S., Europe, Australia, and the Middle East. Visit www.siyatamobile.com and http://www.unidencellular.com/ to learn more. On Behalf of the Board of Directors of: SIYATA MOBILE INC. Marc Seelenfreund CEO and Chairman Investor Relations: Arlen Hansen Kin Communications 1-866-684-6730 SIM@kincommunications.com PCG Advisory Group: Kirin Smith, Chief Operating Officer 646.863.6519 firstname.lastname@example.org Sales Department: Glenn Kennedy, VP Sales Siyata Mobile Inc. 416-892-1823 email@example.com Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
MONTRÉAL, Dec. 29, 2017 (GLOBE NEWSWIRE) -- Further to its news release dated December 13, 2017, Siyata Mobile Inc. (the " Company" or " Siyata") (TSX-V:SIM) (OTCQX:SYATF) is pleased to announce that it has closed its previously announced brokered private placement financing for gross proceeds of CDN$4.6 Million through the issuance of unsecured convertible debentures (the " Convertible Debentures") at a price of CDN$1,000.00 per Convertible Debenture (the " Offering"). The Offering was completed through a syndicate with PI Financial Corp., as lead agent, and including Beacon Securities Limited and Paradigm Capital Inc. (the " Agents"). Marc Seelenfreund, Chairman and Chief Executive Officer of Siyata commented, "We are very pleased with the efforts of our syndicate partners, resulting in an oversubscription of our financing. The proceeds will assist Siyata in achieving our aggressive 2018 goal of becoming a major force in the global Push to Talk Cellular Market." Each Convertible Debenture will be convertible into 1,667 common shares in the capital of the Company representing approximately CDN$0.60 (the " Conversion Price") per Common Share, subject to adjustment in certain events. Each Convertible Debenture will bear interest at a rate of 10.5% per annum from the date of issue, payable in cash quarterly in arrears. Any unpaid interest payments will accrue and be added to the principal amount of the Convertible Debenture. The Convertible Debentures will mature on June 28, 2020 (the " Maturity Date") and are convertible into common shares at the Conversion Price, at the option of the holder, at any time prior to the close of business on the earlier of: (i) the last business day immediately preceding the Maturity Date, and (ii) the date fixed for redemption in the event of a change of control. Each purchaser also received one (1) non-transferrable share purchase warrant (each, a " Warrant") for each CDN$1.00 principal amount of Convertible Debentures purchased by such purchaser. Each Warrant entitles the holder to acquire one further common share (each, a " Warrant Share") at an exercise price of CDN$0.70 per Warrant Share for a period of two years. The Agents received an aggregate of 536,666 common shares of the Company in consideration of the services provided by the Agents.