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Boardwalktech Closes Second Tranche of Non-Brokered Private Placement
Boardwalktech Closes Second Tranche of Non-Brokered Private Placement Canada NewsW...
About this update from Boardwalktech Software Corp.
[{"type":"text","content":"\n\n\n\nBoardwalktech Closes Second Tranche of Non-Brokered Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCUPERTINO, CA, April 10, 2019\n\n\n\n-Company Also in Restructuring Negotiations with Secured Lender-\n CUPERTINO, CA, April 10, 2019 /CNW/ - (TSXV:BWLK) – Boardwalktech Software Corp. (\"Boardwalktech\"), a leading digital ledger platform and enterprise software solutions company, is pleased to report that it has closed an additional tranche of its previously announced non-brokered private placement of units (each, a \"Unit\") at a price of C$0.65 per Unit, for gross proceeds of C$411,209 (the \"Offering\"). Coupled with the February 25, 2019 closing of the First Tranche, the Company has now closed on total proceeds of $1,064,988 from this financing. Each Unit is comprised of one common share of the Company and one half of one common share purchase warrant of the Company. Each whole warrant is exercisable at a price of C$1.10 per share for a period of 24 months following the closing and will be subject to accelerated expiration if the trading price of the common shares of the Company is greater than C$1.75 for 10 consecutive trading days. The Company has paid aggregate finder's fees of C$9,287.50 to finders who introduced purchasers under the Offering.\nThe Company intends to use the proceeds from the Offering for general corporate purposes, including strengthening its balance sheet and the expansion of the Company's sales and marketing initiatives. Joining prior involvement of senior management in the First Tranche, Dharmesh Dadbhawala, co-founder and Senior Vice President of Products, subscribed for an aggregate of 30,612 Units under the second tranche of the Offering for aggregate cash consideration of C$19,898. The participation of Mr. Dadbhawala in the Offering constitutes a related party transaction under Canadian Multilateral Instrument 61-101 (\"MI 61-101\"), but the transaction is otherwise exempt from the formal valuation and minority approval requirements of MI 61-101.\nThe sec...