Ackroo oversubscribes and adds the required capital to help execute strategic plans
OTTAWA, Jan. 20, 2015 /CNW/ - Ackroo Inc. (TSX-V: AKR) ("the Company"), a loyalty and rewards technology and services provider, is pleased to announce that it has closed a private placement for gross proceeds of $1,254,624.75. The Company issued 8,364,165 units to subscribers at a price of $0.15 per unit. Each unit consists of one common share and one share purchase warrant, each whole warrant entitling the holder to acquire one additional common share of the Company at a price of $0.25 per share for a period of 12 months. All securities issued on closing of the Private Placement are subject to a four month and a day hold period. No finder's fees or commissions were paid in connection with closing of the Private Placement.
"This financing is a critical part of our go forward plans" said Steve Levely, chief executive officer at Ackroo. "We have focused strongly on product development, partnerships, merchant growth, refining our go to market strategies and cost control in 2014 to position us for success. We strongly believe that our efforts to date coupled with this financing position us for growth. These funds will allow us to pursue some strategic initiatives that we have been planning for some time and also settle some corporate liabilities to help reduce our overall cost structure as we begin 2015. Most importantly this investment provides us the working capital required for us to execute on our strategic plans which include achieving cash flow break even in 2015. This is very exciting news for Ackroo and our investors."
In addition, Ackroo has forfeited 256,903 existing incentive stock options at various strike prices and has granted options to purchase 935,000 common shares to directors, officers, employees and consultants of the Company at a price of $0.21, for a period of 3 years.
Ackroo provides gift card and loyalty solutions into the $160 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 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.
SOURCE Ackroo Inc.
For further information: Steve Levely,Chief Executive Officer | Ackroo, Tel: 613-599-2396 x730, Email: email@example.com