Toronto, Ontario--(Newsfile Corp. - January 18, 2022) - Mijem Newcomm Tech Inc. (CSE: MJEM), the Canada-based social media and technology company, announces that it has appointed Sophic Capital Inc. ("Sophic Capital" or "Sophic") as its Capital Markets advisor. Sophic Capital is a comprehensive capital markets advisory firm and will focus on increasing Mijem's investor awareness by developing a comprehensive communications strategy and introducing the Company to investment advisors, investment dealers, institutions and other financial professionals.
"Through their other client relationships, Sophic Capital has extensive knowledge of the nuances required to build a business directed at Gen Z, Mijem's targeted market," said Mijem founder and CEO Phuong Dinh. "After comparing several capital markets advisory firms, Mijem decided that Sophic Capital could best communicate our market opportunity and growth strategy to institutional and retail investors throughout North America as well as introduce us to capital markets professionals."
"Prior to the pandemic, Mijem achieved market penetration with their Gen Z community buy & sell app across North American campuses," said Sophic Capital President and CEO Sean Peasgood. "Now that students in the U.S. are returning to university and college, Mijem is continuing to build their user base with proven methods. The Company dovetails perfectly with other issuers we work with, and we look forward to increasing shareholder visibility and building on the recent momentum in the business. On behalf of the partners at Sophic Capital, I'd like to thank Mijem for their vote of confidence."
Mijem's engagement with Sophic Capital is on a fee for services basis of $8,000 per month. In addition, Sophic Capital has been granted options to purchase up to 427,951 shares of Mijem at a price of $0.25 per share. The options will vest quarterly in three tranches of 106,988 each and one tranche of 106,987. The total options outstanding are now 2,675,957 and represent approximately 10% of the Company's issued and outstanding common shares. The options are governed by the provisions of the Company's stock option plan and the policies of the Canadian Securities Exchange (the "CSE").
The Company also announces that it has engaged the services of Independent Trading Group ("ITG") to provide market-making services in accordance with TSX Venture Exchange TSVX, CSE and Neo policies. ITG will trade shares of the Company on the CSE with the objective of maintaining a reasonable market and improving the liquidity of the Company's common shares.
Under the agreement, ITG will receive compensation of $5,000 per month, payable monthly in advance. The agreement may be terminated by either party with 30 days' notice. There are no performance factors contained in the agreement and ITG will not receive shares or options as compensation. ITG and the Company are unrelated and unaffiliated entities and at the time of the agreement, neither ITG nor its principals have an interest, directly or indirectly, in the securities of the Company.
For further information, please contact:
Gord Tomkin, Chief Financial Officer
Mijem Newcomm Tech Inc.
About Mijem Newcomm Tech Inc.
Mijem is a Canadian-based social media and technology company that provides innovative solutions to create a vibrant social marketplace for Generation Z to connect and to efficiently buy, sell and trade goods and services. Mijem's patent-pending flagship technology currently permits thousands of university and college students across the United States and Canada to both connect on-line and engage in consumer-to-consumer commerce.
About Sophic Capital
Sophic Capital is a capital markets advisory firm for public and private growth companies, specializing in developing complete capital markets strategies for companies across all stages of development. Sophic Capital's depth of knowledge in the technology, clean technology, consumer products and other growth sectors combined with decades of experience working in the capital markets, makes it an ideal partner to help lower the cost of capital and accelerate growth. For more information, visit www.sophiccapital.com.
About Independent Trading Group
ITG is Canada's only brokerage firm dedicated specifically to professional trading. As Canada's foremost Market Making Firm, ITG provides Market Making and Liquidity Provider services that are objective and focused. With its head office in Toronto, ITG employs real traders and provides real liquidity, with an underlying emphasis on integrity and success.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved".
Forward-looking information in this news release is based on certain assumptions and expected future events. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
This press release shall 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 jurisdiction in which such offer, solicitation or sale would be unlawful.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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