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kneat.com announces $5 million brokered private placement
kneat.com announces $5 million brokered private placement Canada NewsWire HALIFA...
About this update from Kneat.com, Inc.
[{"type":"text","content":"\n\n\n\nkneat.com announces $5 million 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\n\n\n\n\n\n\nCanada NewsWire\nHALIFAX, March 12, 2018\n\n\n\nHALIFAX, March 12, 2018 /CNW/ - kneat.com, inc. (TSXV: KSI) (\"Kneat\" or the \"Company\") is pleased to announce that it intends to complete a brokered private placement for aggregate gross proceeds of up to $5.0 million (the \"Offering\"). The Company intends to issue 5,555,556 common shares at an issue price of $0.90 per common share. The Offering will be completed through a syndicate of agents to be led by Echelon Wealth Partners Inc. (the \"Agents\") in which the Agents will raise up to approximately $5.0 million on a commercially reasonable best efforts basis at a price of $0.90 per common share. The Company has agreed to pay the Agents a cash commission equal to six percent (6%) of the gross proceeds raised as part of the Offering plus warrants entitling the Agents to purchase the number of common shares of the Company that is equal to six percent (6%) of the common shares sold as part of the Offering. The cash and warrant commissions will exclude up to $1.0 million of president's list orders. The warrants will have an exercise price of $0.90 per common share for a period of 18 months.  \n\nThe gross proceeds of the Offering will be used to expand the Company's sales and marketing function to service its new customers and to further expand the customer pipeline, accelerate the development of the Kneat Gx platform to increase functionality and to fund ongoing operating costs and working capital requirements. \n\nThe Offering is scheduled to close on or about April 15, 2018 and is subject to certain conditions including, but not limited to, completion of satisfactory due diligence investigations and receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued pursuant to the Offering will be subject to a statutory four-month hold period in accordance with Canadian securities legislation.\n\nAbout Kneat\n\nKneat develops a...