2021-01-08

Siyata Mobile Inc. closes US$13MM private placement led by Phoenix Fund

Source: Siyata Mobile

Siyata Mobile Inc.sait it is pleased to announce that it has closed a private placement in Israel and Canada of 129,450 units of the Company (the “Units”) at a price of US$100 per Unit for aggregate gross proceeds of US$12,945,000 (the “Offering”). Each Unit consisted of ten common shares of the Company (the “Shares”) and ten common share purchase warrants (each, a “Warrant”). Each Warrant entitles the holder thereof to acquire an additional common share of the Company at a price of US$11.50 for a period of 42 months from the date of issuance (the “Warrants”).

The Offering was led by Phoenix Insurance Investment Fund, a leading Israeli institutional fund with assets under management of over US$60B.

Marc Seelenfreund, CEO of Siyata, commented, “Phoenix is a top tier investment fund and we believe that it is a huge milestone for Siyata to have them as a major shareholder. We enter 2021 with a strong balance sheet and a growing pipeline of large scale opportunities across all segments of our business. Additionally, we believe that there is great potential to acquire revenue generating businesses that are highly complementary to our existing portfolio of innovative cellular devices for first responders and enterprises which we will aggressively pursue in 2021.”

Orion Underwriting and Issuances Ltd. served as the Company’s Israeli placement agent for the offering. In connection with the Offering, the Company paid cash commissions totaling US$652,250 and issued 64,725 broker warrants (the “Broker Warrants”). Each broker warrant entitles the holder thereof to acquire one common share of the Company at a price of US$11.50 for a period of 42 months from the date of issuance.

The offer and sale of the securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an exemption from the registration requirements of the U.S. Securities Act. This news release does not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States.