Jerrick Media Holdings, Inc. Closes on $4.3 Million Private Placement

Published on November 08, 2017

NEW YORK, Nov. 9, 2017 /PRNewswire/ -- Jerrick Media Holdings, Inc., (OTCQB: JMDA) (the "Company" or "Jerrick"), a digital technology company, today reported that it closed its offering of two-year, 15% Secured Convertible Promissory Notes (the "Notes"), generating interest in-excess-of $4.3 million, of which $2.1 million was in the form of gross cash proceeds and $2.2 million from the exchange of existing short-term debt (plus accrued interest). Members of Jerrick's Board of Directors and other insiders also participated in the private placement. The Notes are convertible into shares of the Company's common stock at a price of $0.20 per share. Holders of the Notes received 5-year warrants to purchase shares of the Company's common stock equal to the number of shares into which the Notes may be converted.  The warrants have an exercise price of $0.20 per share.

"Jerrick is currently tracking above my expectations in key metrics such as content creators, submitted content, and page views," said Jerrick's CEO and founder, Jeremy Frommer. "We have a target of reaching 10 million page views per month - with the majority being organic in nature - within the first quarter of 2018."

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