Sanwire Corporation announced that it has received $0.30 million in funding from Magna Group LLC.
July 31, 2013 at 05:00 am
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Sanwire Corporation (OTCPK:SNWR) announced a private placement of senior convertible notes for gross proceeds of $405,000 on July 31, 2013. The transaction included participation from new investor Hanover Holdings I, LLC, and an affiliate of Magna Group LLC which is an accredited investor. The note is convertible 90 days after issuance, at $0.2325 per share. The note matures on January 27, 2014. The note carries an interest rate of 8% per annum. The note was issued at a discount of 35% for gross proceeds of $300,000. $30,000 of the outstanding principal amount of the notes together with any accrued and unpaid interest with respect to such portion of the principal amount shall be automatically extinguished if the company has properly filed a registration statement with the Securities and Exchange Commission on or prior to the filing deadline. $75,000 of the outstanding principal amount of the convertible note together with any accrued and unpaid interest with respect to such portion of the principal amount shall be automatically if the company has filed a registration statement with the Securities and Exchange Commission that has been declared effective by the Securities and Exchange Commission on or prior to the effectiveness deadline and the prospectus contained therein is available for use by the investor for the resale by investor of all of the common shares issued or issuable upon conversion of the convertible note and no event of default or an event that with the passage of time or giving of notice would constitute an event of default has occurred on or prior to such date. No finders' fee or commission will be paid in connection with this transaction. The company will pay by wire transfer of immediately available funds to an account designated by the investor, a non-accountable and non-refundable document preparation fee of $10,000. Marc Manuel of Greenberg Traurig, LLP served as the legal advisor to the investor. Panterra Capital, Inc. acted as the finder to the company and company paid cash finder's fee of $30,000. The company will issue securities pursuant to exemption provided under Regulation D.
On July 31, 2013, Sanwire Corporation closed the transaction.
Sanwire Corporation is engaged in the entertainment industries with a focus on the distribution and promotion of music for independent artists and labels. The Company, through its subsidiary, Intercept Music, Inc. (Intercept Music), offers social media marketing, music distribution, merchandise, and coaching to musicians. It also offers label services to independent artists. Intercept Music is an online platform that allows independent musicians to upload their music, and distribute and collect royalties from over 85 retailers, such as Spotify, iTunes, Pandora, Amazon, and Google in over 230 countries and territories. The software programmatically promotes the artists entire business, including their music, merchandise and performances on social media, playlists, and online radio. Artists can also track sales, monitor their marketing success, and analytics, among others. It connects with new audiences, measure their results and distribute and monetize their music.
SANWIRE CORPORATION 
