Financing will provide working capital for growth and technology development as well as supporting future strategic acquisition opportunities
OTTAWA, March 17, 2016 /CNW/ - Ackroo Inc. (TSXV: AKR), (OTC: AKRFF), a gift card, loyalty and rewards technology and services provider, announces that it will conduct a non-brokered private placement in which it will seek to raise up to $2,000,000. The offering 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 common shares at a price of 20 cents per share. 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 private placement will be completed pursuant to available exemptions from prospectus requirements under applicable securities laws. All securities issued under in the private placement will be subject to a statutory hold period ending four months after issuance. The proceeds of the private placement will be used for growth and technology development of the Company as well as to support future strategic acquisition opportunities. 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 is a SaaS based solution provider supplying 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 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.
Forward Looking Statements
This release contains forecasts and forward-looking statements that 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]