Montreal-based BV! Media inc. has signed a letter of intent to acquire a privately-held Quebec-based company active in online advertising and email marketing for $1 million. BV! Media, which did not disclose the name of the company, says the proposed arms-length acquisition is expected to significantly improve its capacity to deliver email marketing campaigns and enhance its presence in this key online advertising segment. The closing of the acquisition is conditional upon financial, legal, accounting and technological due diligence by BV! Media, as well as regulatory approval and financing. To this end, BV! Media has engaged Burkman Capital Corp to act as exclusive placement agent for a private placement of common shares in an amount of up to $3.5 million. The net proceeds from the private placement will be used in part to fund the acquisition, while any balance will be used for the strategic development of BV! Media's business. The private placement is expected to close in early November.