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Freckle and Knol Announce Closing of Second Tranche of Approximately $6.5 Million Private Placement
Vancouver, British Columbia--(Newsfile Corp. - April 15, 2019) - Knol Resources Corp. (TSXV: N...
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[{"type":"text","content":"Freckle and Knol Announce Closing of Second Tranche of Approximately $6.5 Million Private PlacementVancouver, British Columbia--(Newsfile Corp. - April 15, 2019) - Knol Resources Corp. (TSXV: NOL.H) (\"Knol\") and Freckle I.O.T Ltd (\"Freckle\" or the \"Company\"), a global leader in multi-touch, offline advertising attribution, are pleased to jointly announce that they have closed the second tranche of their previously announced private placement offering led by GMP Securities L.P. (\"GMP\") and PI Financial Corp. (\"PI\") (the \"Co-Lead Agents\") and included Canaccord Genuity Corp. and Haywood Securities Inc. (together with the Co-Lead Agents, the \"Agents\") for gross proceeds of $1,975,000 (the \"Second Tranche\"). In total Knol and the Company have raised $6,529,000 (the \"Offering\"). In connection with the Second Tranche, Freckle issued 9,625,000 subscription receipts (the \"Freckle Subscription Receipts\") and concurrently, Knol issued 250,000 subscription receipts (the \"Knol Subscription Receipts\", and together with the Freckle Subscription Receipts, the \"Subscription Receipts\"). The Subscription Receipts were issued at a price of $0.20 per Subscription Receipt for gross proceeds of $1,975,000. In connection with the Second Tranche, the Company and Knol have agreed to pay the Agents (i) a cash commission of 7.0% (3.5% for certain president's list subscribers) of the gross proceeds from the Second Tranche (the \"Agency Fee\") and (ii) compensation options (each, a \"Compensation Option\" and collectively, the \"Compensation Options\") equal to 7.0% (3.5% for certain president's list subscribers) of the number of Subscription Receipts issued under the Second Tranche. Upon and conditional on the satisfaction of the escrow release conditions, each Compensation Option will be exercisable for one common share of the Resulting Issuer (subject to customary adjustments) at an exercise price of $0.20 for a period of 24 months following the date on which the Escrow Release Conditions are met. All securities issued in connection with the Offering are subject to a statutory hold period. It is anticipated that following completion of the previously announced proposed reverse take-over of Freckle by Knol (the \"RTO\"), securities underlying the Freckle Subscription Receipts will be free-trading. Securities underlying the Knol Sub...