SITO Mobile, Ltd. announced that it expects to receive $0.526829 million in funding
May 28, 2020
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SITO Mobile, Ltd announced that it has entered into note purchase agreement for private placement of a secured convertible promissory notes for gross proceeds of $526,829 on May 29, 2020. The transaction included participation from Baksa, director of the company. The notes carry interest at the rate of 12% per annum payable annually. The notes are convertible into common stock of the company, having par value of $1 per share, at a price of $0.25 per share. The company will also issue warrants to purchase up to 625,000 common shares at $0.63 per share. The warrant expires on the one-year anniversary of the date of issuance or upon the company’s entering into certain fundamental transactions. The notes will mature on March 31, 2022 and is issued at par.
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.