JERSEY CITY, N.J., July 24, 2017 (GLOBE NEWSWIRE) -- SITO Mobile, Ltd. (NASDAQ:SITO), a leading mobile engagement platform announced it has entered into definitive agreements with institutional investors, pursuant to which SITO will issue and sell approximately 1,200,000 shares of its common stock and warrants exercisable for up to approximately 300,000 shares of its common stock for gross proceeds of $6.0 million. The shares and warrants are being sold in units, each consisting of one share of common stock and a warrant to purchase 0.25 of one share of common stock, at an offering price of $5.00 per unit. The warrants will be exercisable immediately after issuance, will expire on the fifth anniversary of the initial exercise date and have an exercise price of $6.25 per share. The closing of the offering is expected to take place on or about July 27, 2017, subject to the satisfaction of customary closing conditions.
About SITO Mobile, Ltd.
SITO Mobile is transforming the manner in which brands connect with consumers in the real world by developing a mobile engagement platform that drives awareness, loyalty, and ultimately sales. In an increasingly mobile-first culture, SITO Mobile delivers proven location-based advertising solutions to Fortune 500 brands and agencies. Through innovation, the company uses proprietary data to build cutting edge, in-house technology, arming clients with the best resources for successful campaigns. Using in-store targeting, proximity targeting, geo-conquesting and attribution data, the platform creates audience profiles to develop measurable hyper-targeted campaigns for brands. SITO’s real-time location-based marketing technology gives us the unique advantage of understanding and shaping the future of retail and consumer behavior.
For more information, visit www.sitomobile.com.