Ackroo adds $587,316 of working capital to drive continued growth
OTTAWA, June 9, 2016 /CNW Telbec/ - Ackroo Inc. (TSXV: AKR) (OTC: AKRFF) ("Ackroo" or the "Company"), a gift card, loyalty and rewards technology and services provider, today announced it has closed a private placement for gross proceeds of $587,316. In connection with closing, the Company issued 2,936,580 common shares to subscribers at a price of $0.20 per share. 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 plays a very important role in supporting our growth plans" said Steve Levely, chief executive officer at Ackroo. "We initially were seeking up to $2 million in this private placement but after restructuring the final $1,130,000 of our earn-out agreement with Dealer Rewards Canada we began seeking a smaller amount to support our short term needs. Instead the Company's main focus was raising enough working capital to support both the lump sum Dealer Rewards payment in July as well as additional working capital to support our organic growth plans. The capital raised allows us to support both initiatives, and is a great win for the Company and shareholders."
Ackroo provides gift card and loyalty processing solutions to help small to medium sized businesses attract, retain and grow their customers and their revenues. Through a SaaS based business model Ackroo provides an in-store and online automated solution to help merchants process gift card & loyalty transactions at the point of sale, provide key administrative and marketing data, and to allow customers to access and manage their gift card and loyalty accounts. Ackroo also provides important marketing services to assist their merchants with utilizing Ackroo's technology solution. 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.
Forward Looking Statements
These forecasts and forward-looking statements are not guarantees of future performance and activities and are subject to risks and uncertainties. The company has based these forward-looking statements on assumptions and assessments made by its management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, but are not limited to: the company's ability to raise enough capital to support the company's go forward plans; the overall global economic environment; the impact of competition and new technologies; general market, political and economic conditions in the countries in which the company operates; projected capital expenditures and liquidity; changes in the company's strategy; government regulations and approvals; changes in customers' budgeting priorities; plus other factors that may arise. Any forward-looking statements in this press release are made as of the date hereof, and the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Ackroo Inc.
For further information: Steve Levely, Chief Executive Officer | Ackroo, Tel: 613-599-2396 x730, Email: [email protected]