Business
Peak Closes $500K Private Placement, Moves One Step Closer to LongKey Acquisition
Montreal, Quebec--(Newsfile Corp. - December 5, 2014) - Peak Positioning Technologies Inc. (TS...
About this update from Tenet Fintech Group Inc.
[{"type":"text","content":"Peak Closes $500K Private Placement, Moves One Step Closer to LongKey AcquisitionMontreal, Quebec--(Newsfile Corp. - December 5, 2014) - Peak Positioning Technologies Inc. (TSXV: PKK) (PINKSHEETS: \n PKKFF) (\"Peak\" or the \"Company\") today announced that is has closed a \n non-brokered private placement financing consisting in the sale of 25,000,000 \n units at a price of CAD$0.02 per unit for gross proceeds of CAD$500,000 (the \n \"Financing\"). \nEach unit (a \"Unit\") sold as part of the Financing consists of \none (1) common share and one (1) one common share purchase warrant. Each common \nshare purchase warrant entitles its holder to purchase one common share of Peak, \nat the price of CAD$0.05, for a twelve (12) month period following the closing \ndate. Peak has paid a cash commission finder's fee, to eligible persons who \nhelped place the Units, equal to 8% of the gross proceeds of the Units they \nhelped sell. Peak has also granted finder's compensation options to the same \neligible persons who helped place the Units entitling them to purchase a number \nof Peak common shares equal to 8% of the total number of Units they helped sell, \nexercisable at the price of CAD$0.05 per common share for a twenty-four (24) \nmonth period following the closing date. \nThe securities issued pursuant to the Financing are subject to \na hold period expiring four (4) months and one day from the date of closing.\nThe proceeds of the Financing will be used to help the Company \nmeet its working capital payment obligations under the terms and conditions of \nits agreement to acquire LongKey Hong Kong Limited (\"LongKey\"), and for working \ncapital purposes. \n\"We're very pleased with the combination of new and existing \nPeak shareholders who took part in this placement\", commented Johnson Joseph, \nPresident and CEO of Peak. \"In addition to our loyal base of existing \nshareholders, we managed to pick up some important long-term financial partners. \nWe expect these new partners to play significant roles going forward, leading up \nto and following our acquisition of LongKey, to assist us in obtaining the \ncapital we need to allow LongKey to take full advantage of its Internet \nFinancial Services initiative with the Industrial and Commercial Bank of China. \nThe closing of the placement allowed us to move one step closer to ac...