New capital will strengthen expansion strategy as demand for Ackroo solution grows
OTTAWA, Feb. 3, 2014 /CNW/ - February 3, 2014 - Ackroo Inc. (TSXV: AKR) ("the Company"), a loyalty and rewards technology and services provider, is pleased to announce that it has closed its private placement for gross proceeds of $562,300. The offering was oversubscribed. The Company issued 3,748,666 units to subscribers at a price of $0.15 per unit, each unit consisting of one common share and one-half of one share purchase warrant, each whole warrant entitling the holder to acquire one additional common share of the Company at a price of $0.22 per share for a period of 12 months, subject to certain acceleration provisions in the event the Company's shares trade at $0.30 or more for 10 consecutive trading days.
In connection with the Private Placement, the Company has paid finder's fees of $35,135, and has issued 217,233 finder's warrants to finder's who introduced subscribers to the Company. The finder's warrants have the same terms as the warrants forming part of the units. All securities issued in connection with the offering are subject to a hold period expiring on June 1, 2014.
Commented Ackroo CEO, Eamonn Garry, "We are extremely pleased with the amount of support we are receiving from existing and new investors as the Company continues to grow and expand into new verticals and geographies. This financing will help us continue on our growth trajectory."
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 loyalty 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.
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