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Message: Lemontonic Inc. Closes 5 million Equity Financing

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Lemontonic Inc. Closes 5 million Equity Financing

posted on Jan 17, 05 05:15AM

TORONTO, Jan 14, 2005 -- LEMONTONIC INC. (the ``Corporation``) (TSX-VEN: LEM) is pleased to announce the successful completion of its previously announced private placement of Class A shares (the ``Shares``). Canaccord Capital (Europe) Limited placed 34,500,000 Shares, including the exercise in full of the over-allotment option of 4,500,000 Shares raising gross proceeds of $5,175,000. Each security will be subject to a hold period of 4 months and one day.

The Company also announces that its growth continues to accelerate. The company has now passed the 115,000th member milestone. The company will provide a corporate update in the near term, detailing functionality enhancements and release dates for version 2.0 of the Lemontonic Messenger.

In connection with the Private Placement, Canaccord Capital (Europe) Ltd. and certain subsidiary brokers (``Agents``) will be paid an aggregate cash commission of 8% of the subscription proceeds. In addition, Canaccord will be granted an agent`s option to purchase that number of class A shares of the Corporation that is equal to 10% of the number of units sold by Canaccord. Each agent`s option shall entitle the holder to acquire one class A share of the Corporation at the offering price for a period of two years.

The completion of the Private Placement is subject to the approval of the TSX Venture Exchange Inc. and all other necessary regulatory approvals.

The Corporation intends to use the proceeds from the Private Placement for marketing, product research and development, as well as for working capital purposes.

About Lemontonic

Lemontonic Inc. is a social networking software company that has developed proprietary instant messaging technology. The Corporation has invested $5.4 million over the past 18 months launching this technology into the online dating category and is poised to distribute its solution internationally and in additional verticals in 2005.

To find out more about Lemontonic Inc. (TSX-VEN: LEM), visit www.lemontonic.com.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

%SEDAR: 00015147E

VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=27016

For further information:

Mark Pavan, President and CEO of the Corporation

(416) 874-7199

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