Cricket Media Announces Extension of Private Placement

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

WASHINGTON, DC, May 21, 2015 /CNW/ - Cricket Media Group Ltd. (TSXV:CKT) ("Cricket Media" or the "Company") announces that the TSX Venture Exchange has approved an extension to June 19, 2015 for closing one or more additional tranches of the Company's previously announced bridge financing (the "Bridge Loan"). Pursuant to the Bridge Loan, the Company is offering secured convertible debentures (the "Convertible Debentures") in the aggregate principal amount of up to US$5 million. The Convertible Debentures are convertible into voting common shares or restricted voting common shares of the Company at the option of the holder, at a conversion price of US$0.32 per share.  In the event that the Company raises aggregate gross proceeds of a minimum of US$10 million pursuant to an equity financing of preferred shares (the "Financing") and the Bridge Loan, collectively, all outstanding indebtedness under the Bridge Loan will convert into, at the option of the holder: (A) preferred shares at a conversion price equal to the greater of: (i) 80% of the issue price per share under the Financing; and (ii) US$0.32; or (B) voting common shares or restricted voting common shares at a price of US$0.32 per share, or a combination of (A) and (B) at the holder's option.

As previously announced, the Company completed an initial tranche of the Bridge Loan on May 13, 2015, issuing secured convertible debentures in the aggregate principal amount of US$2,576,000.

About Cricket Media

Cricket Media (TSXV: CKT) is an education media company that provides award-winning content on a safe and secure learning network for children, families and teachers across the world. Cricket Media's 14 popular media brands for toddlers to teens include Babybug, Ladybug, Cricket® and Cobblestone® with multiple language editions and apps in English, Spanish and Chinese. The Company's innovative web-based K12 tools for school and home include the ePals community and virtual classroom for global collaboration as well as In2Books®, a Common Core eMentoring program that builds reading, writing and critical thinking skills. Cricket Media serves approximately one million classrooms and millions of teachers, students and parents in over 200 countries and territories through its platform and NeuPals, its joint venture with China's leading IT services company Neusoft. Cricket Media also licenses its content and platform to top publishing and educational companies worldwide. For more information, please visit www.Cricketmag.com, www.ePals.com and www.In2Books.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

This news release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by the Company and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits the Company will derive therefrom. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

SOURCE Cricket Media Inc.

Aric Holsinger, Chief Financial Officer, Cricket Media, Phone: [phone], [email protected]; Cory Pala, Investor Relations, Phone: [phone], [email protected]