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OTTAWA, ONTARIO--(Marketwire - May 24, 2012) - TrueContext Mobile Solutions Corporation (TSX VENTURE:TMN) ("TrueContext" or the "Company"), a mobile data solutions company, today announced that it has issued an aggregate of 5,555,556 units at $0.18 per unit (each unit consisting of one common share and one-half of one common share purchase warrant) for gross proceeds of $1,000,000 as part of a non-brokered private placement. Each whole common share purchase warrant will entitle the holder thereof to acquire one common share at an additional purchase price of $0.30 per share at any time up to June 30, 2014. Unless permitted under applicable securities legislation, the common shares and common share purchase warrants comprising the units may not be traded before September 25, 2012. This closing is in addition to the previous closings for $1,500,000 on the same terms announced on December 21, 2011 and February 22, 2012. |
