Completes Initial USD $4.9 Million Escrow Payment for NameSilo LLC Acquisition

VANCOUVER, BC / TheNewswire / May 18, 2018 – Brisio Innovations Inc. (CSE: BZI), (the “Company”) announces that it has closed the initial tranche of its previously announced non-brokered private placement financing (the “Financing”) (see news release dated March 27, 2018) by issuing a total of 5,940,727 shares (each, a “Share”) at a price of $0.35 per Share for gross proceeds of $2,083,466.

The securities issued under the initial tranche of the Financing will be subject to restrictions on resale until September 16, 2018.  The Company paid finders a fee of $101,237 and issued a total of 20,300 shares of the Company.

The proceeds of the initial tranche of the Financing are being used for the Company’s acquisition of NameSilo LLC and working capital purposes.

 

NameSilo Acquisition Update

 

The Company is also pleased to announce that it has paid a total of USD $4.9 million to an escrow agent pursuant to the terms of the share purchase agreement with NameSilo LLC.  The funds used for this escrow payment were through bridge loan financings of CAD $5.25 million and utilizing the Company’s cash on hand.

 

Closing of the acquisition remains subject to Canadian Securities Exchange approval.  The Company plans to close the acquisition of NameSilo LLC in Summer 2018.

 

Convertible Debenture

 

The Company also announces that it issued a convertible debenture in the principal amount of $300,000.  The Debentures are secured on the assets of the Company, bear interest at a rate of 10% per annum, payable semi-annually and due eighteen months after closing.  The Debenture is convertible into common shares of the Company at a price of $0.50 per share.  Further, the holder received a total of 300,000 detachable share purchase warrants.  The warrants are exercisable at a price of $0.65 per share for a period of eighteen months from the date of issue.  The proceeds of the convertible debenture were used to satisfy the payment for the NameSilo LLC acquisition as set forth above.

 

On behalf of the Board

 

Paul Andreola

President, CEO and Director

Phone: (604) 644-0072

paul@brisio.com

www.brisio.com

 

Disclaimer for Forward-Looking Information

Certain statements in this press release related to the proposed Financing are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding the Company’s ability to complete the Financing and the use of proceeds thereof. Such forward-looking statements should therefore be construed in light of such factors, and the Company is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

The CSE has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this release.