Business
Peak Increases Maximum Amount of Private Placement for LongKey Acquisition to $4M
Montreal, Quebec--(Newsfile Corp. - June 2, 2015) - Peak Positioning Technologies Inc. (TSXV: ...
About this update from Tenet Fintech Group Inc.
[{"type":"text","content":"Peak Increases Maximum Amount of Private Placement for LongKey Acquisition to $4MMontreal, Quebec--(Newsfile Corp. - June 2, 2015) - Peak Positioning Technologies Inc. (TSXV: PKK) (PINKSHEETS: PKKFF) (\"Peak\" or the \"Company\") today announced that it has increased the maximum amount of the private placement financing (the \"Private Placement\"), to be closed concurrent to its pending acquisition of a 51% majority stake in LongKey Hong Kong Limited, from $3.5M to $4M.The Private Placement will now consist of the sale of a maximum of 160,000,000 units at $0.025 per unit for gross proceeds of $4,000,000. Each unit (a \"Unit\") consists of one (1) common share and one (1) one common share purchase warrant. Each common share purchase warrant entitles its holder to purchase one common share of Peak, at a price of $0.04, for a period of twenty-four (24) months following the closing date.Peak will proceed with a 5:1 consolidation of its securities concurrently with the closing of the Private Placement. All securities to be issued as part of the Private Placement will be issued on a post-consolidation basis, which means that Private Placement subscribers will receive one common share and one common share purchase warrant for each 5 Units subscribed once the consolidation takes effect at the closing of the Private Placement. Taken on a post-consolidation basis, the Private Placement will result in the sale of a maximum of 32,000,000 units at a price of $0.125 per unit. Similarly, each issued warrant will give its holder the right to purchase one common share of Peak at a price of $0.20.The proposed securities consolidation and the Private Placement are subject to TSX Venture Exchange approval. All securities issued pursuant to the Private Placement, will be subject to a four month and one day hold period from the date of their issuance.About Peak Positioning Technologies Inc.:Peak Positioning Technologies Inc. (\"Peak\"), (TSXV: PKK) (PINKSHEETS: PKKFF), is an IT portfolio management company whose mission is to assemble, finance and manage a portfolio of high-growth-potential companies and assets in some of the fastest growing tech sectors in China, including e-commerce, cloud-computing and mobile development. Peak provides its shareholders with the opportunity to participate in the fastest growing economic sectors of the world's faste...