ID Watchdog, Inc. Announces Closing of an Expedited Non-Brokered Private Placement for Aggregate Proceeds of $2,000,000
DENVER, Nov. 9, 2011 /PRNewswire/ -- ID Watchdog, Inc. (TSXV-IDW; OTC: IDWAF) ("ID Watchdog") is pleased to announce the closing of its private placement offering of units (the "Units"). ID Watchdog issued 8,333,333 Units at a price of $0.24 per Unit for aggregate gross proceeds of U.S.$2,000,000 (the "Offering"). Each Unit consists of two ordinary shares in the capital of ID Watchdog (each, an "Ordinary Share") and two ordinary share purchase warrants (each, a "Warrant"). The first Warrant entitles the holder to purchase one additional Ordinary Share at a price of U.S.$0.15 at any time prior to 5:00 p.m. (Denver time) on November 8, 2016. The second Warrant entitles the holder to purchase one additional Ordinary Share at a price of U.S.$0.25 at any time prior to 5:00 p.m. (Denver time) on November 8, 2016.
The net proceeds from the Offering will be used to fund operating deficits, to hire and compensate additional personnel and for general working capital purposes.
Jay Lewis, CFO of ID Watchdog said, "We are extremely pleased with the overwhelming level of interest we received in this Offering. The closing of this Offering represents a significant milestone in our efforts to enhance ID Watchdog's liquidity and position it for future growth. The working capital from this Offering will help us to accelerate the roll-out of our strategy to market and distribute our credit monitoring and identity theft protection services with our anti-virus and other desktop software partners".
About ID Watchdog, Inc.
ID Watchdog was founded in 2005 and is headquartered in Denver, Colorado. The Company provides patent-pending, three-tiered comprehensive monitoring, detection and resolution for identity theft. ID Watchdog proactively detects identity theft problems at their source and provides immediate resolution services to ensure complete peace of mind for individuals. The Company's services have been developed with input from industry experts; national consumer advocacy groups; federal, state, and local law enforcement agencies; consumer protection agencies; and adhere to guidelines published by the Consumer Federation of America. For more information, please visit www.IDWatchdog.com.
Forward-Looking Statements
This news release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 which address future events and conditions which are subject to various risks and uncertainties. The actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. Although the Company believes that its expectations reflected in these forward-looking statements are reasonable, no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed in the Company's filings with Canadian regulators at www.sedar.com. ID Watchdog assumes no obligation to update the forward-looking statements of management beliefs, opinions, projections, or other factors should they change.
Restrictions
The offer and sale of the securities issued in the Offering will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered, sold or transferred unless such offer, sale or transfer is (i) made to ID Watchdog, Inc., (ii) made outside the United States in accordance with the requirements of Rule 903 or 904 of Regulation S of the Securities Act (provided that such transaction under Regulation S will not effect removal of any restrictive legends), or (iii) (A) unless and until registered under the Securities Act or (B) unless pursuant to another transaction that does not require registration under the Securities Act, and in compliance with any applicable state securities laws and the Purchaser has furnished an opinion of its counsel of recognized standing in form and substance reasonably satisfactory to ID Watchdog. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the laws of such state.
Company Contact:
ID Watchdog, Inc.
Jay B. Lewis, CFO
303-339-8017
[email protected]
[email protected]
www.idwatchdog.com
SOURCE ID Watchdog, Inc.
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