VANCOUVER, BC / TheNewswire / July 12, 2018 - Brisio Innovations Inc. (CSE: BZI), (the "Company") announces that it has closed the second tranche of its previously announced non-brokered private placement financing (the "Financing") (see news release dated March 27, 2018 and May 17, 2018) by issuing a total of 5,408,315 shares (each, a "Share") at a price of $0.35 per Share for gross proceeds of $1,892,910.
The securities issued under the initial tranche of the Financing will be subject to restrictions on resale until November 10, 2018. The Company issued finders 215,075 shares of the Company.
The proceeds of the second 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 now deposited a total of USD $9.0 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 approximately USD $4.77 million and CAD $5.0 million. The loans bear interest at a rate of 8% per annum and is due in June 2019. As an incentive for the lenders entering into the loan agreements, the Company agreed to issue as a bonus a total of 3,750,000 common shares on August 15, 2018.
Closing of the acquisition remains subject to Canadian Securities Exchange approval. The Company plans to close the acquisition of NameSilo LLC in Summer 2018.
NameSilo Operational Update
Namesilo is a low-cost provider of domain name registration and management services and is an ICANN accredited organization. Namesilo is a high growth Registrar with over 1.75 million domains under management, and over 100,000 customers from approximately 160 countries. June was a record month for the company having registered over 110,000 new domains. According to ICANN data located at RegistrarOwl.com, which provides Domain Registrar Industry statistics, as of March 2018, Namesilo is the 5th fastest growing registrar in the world based on percentage growth of new registrations, and 6th fastest growing registrar in the world when based on net new registrations, behind household names such as Google and GoDaddy and ahead of names such as Alibaba and Tucows.
On behalf of the Board
President, CEO and Director
Phone: (604) 644-0072
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.