Media distributor goes for $0.40 a share.

Canadian media distributor Musicrypt Inc. completed a stock sale today (April 21) of 7.5 million units at a price of $0.40 per unit (Canadian) for gross proceeds of $3 million.

Each unit is comprised of one common share and one-half of a two-year warrant. Each full warrant entitles the holder to purchase one common share at a price of $0.80 in the first year, or at a price of $0.90 in the second year.

In 2004 Musicrypt entered an exclusive partnership with Billboard Radio Monitor to market and promote Musicrypt’s web-based Digital Media Distribution System (DMDS) in America. DMDS is the leading digital music distribution system in

"This funding will provide Musicrypt with the resources necessary for our continued expansion into the United States and Europe," says John Heaven, president/CEO of Musicrypt.

Toronto-based Kingsdale Capital Markets acted as the agent for the offer. This financing has been conditionally approved by the TSX Venture Exchange subject to the filing of required final documentation.