iSIGN Media Solutions Inc. (TSXV:ISD) (OTCQX: ISDSF), a provider of interactive mobile advertising solutions that serves advertisers, manufacturers, retailers and advertising agencies throughout North America, has received final approval from the necessary regulatory agency to close a financing by way of a private placement of secured convertible promissory notes, for aggregate gross proceeds of USD139,000, the company said.
The Notes will have term of twelve months and will accrue interest at a rate of 10% per annum, payable upon maturity. The funds will be used for general working capital and software development.
The company anticipates closing the private placement as soon as practicable, subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
iSIGN Media, based in Toronto, is a data-focused, software-as-a-service (SaaS) company that is a pioneering leader in gathering point-of-sale data and mobile shopper preferences to generate actionable data and reveal valuable consumer insights.