SeaMiles private placement

SeaMiles private placement

SeaMiles Limited, North America’s premier cruise loyalty provider, announced today that the TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced August 15, 2011. The Company has completed the private placement raising proceeds of $1,000,000 by way of a convertible debt bearing interest at 10% per annum for a term of three years expiring on August 15, 2014. The debt is convertible, in whole or in part, into common shares of the Company at a conversion price of $0.50 per share. In connection with the financing, the Company has issued 1,000,000 common share purchase warrants to the holder of the convertible debt to purchase common shares of the Company at an exercise price of $0.10 per share at any time on or before August 15, 2014. The lender is a related party of the Company.

The proceeds of the financing will be used primarily to pursue opportunities in the development and implementation of solutions in support of venture philanthropy, as well as to repay certain outstanding liabilities of the Company. Coupled with net proceeds of approximately $462,000 U.S. the Company received from the recently settled litigation from Barclays Bank Delaware, the Company is positioned to pursue its new opportunities.