New capital will enable continued growth and technology development
OTTAWA, June 12, 2014 /CNW/ - Ackroo Inc. (TSXV: AKR) ("the Company"), a loyalty and rewards technology and services provider, announces that it will conduct a non-brokered private placement in which it seeks to raise up to $500,000. The transaction is subject to the approval of the TSX Venture Exchange and is intended to close within the next few weeks.
In connection with the private placement, the company will issue up to 10,000,000 units (the "Units") at a price of 5 cents per Unit. Each Unit will consist of one common share of the Company and one half of one common share purchase warrant, each whole warrant entitling the holder to purchase one additional common share of the Company (a "Warrant Share") at a price of $0.10 per Warrant Share for a period of twelve months from the date of the issuance, subject to acceleration in the event that the common shares of the Company trade at $0.15 or higher for 10 consecutive trading days. The company expects to pay a finder's fee to certain eligible persons for subscriptions to the offering completed by qualified investors, who have been introduced by such finders, within the parameters permitted by the TSX Venture Exchange.
The proposed private placement will be completed pursuant to available exemptions from prospectus requirements under applicable securities laws. The securities issued under this private placement will be subject to restrictions on transfer, including a hold period ending four months after issuance. The proceeds of the private placement will be used for growth and technology development of the Company. The private placement remains subject to a number of conditions, including, but not limited to, the execution of subscription agreements with investors and TSX Venture Exchange approval. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities.
Ackroo provides gift card and loyalty solutions into the $145 billion North American gift card and loyalty market. Their solutions enable businesses, merchants and business networks to increase profitability and build long-term customer relationships through customized gift card and loyalty programs. Ackroo's web-based solutions provide the power of a massively scalable software platform in a lightweight online tool that works with existing point-of-sale equipment, making it easy and affordable for businesses to launch gift card, loyalty and rewards programs that deliver immediate return on investment. Ackroo is headquartered in Ottawa, Canada. For more information, visit: www.ackroo.com.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains statements that constitute forward looking statements. These statements include, among others, statements about Ackroo's intention to complete a private placement. Readers are cautioned not to place undue reliance on such forward looking statements. Such statements are based on current expectations and assumptions and involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Ackroo Inc.
SOURCE: Ackroo Inc.
For further information:
Chief Financial Officer | Ackroo
Tel: 613-599-2396 x714