Business
Freckle I.O.T Ltd. and Knol Resources Corp. Close First Tranche of up to $6.5 Million Private Placement
Vancouver, British Columbia--(Newsfile Corp. - March 29, 2019) - Knol Resources Corp. (TSXV: ...
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[{"type":"text","content":"Freckle I.O.T Ltd. and Knol Resources Corp. Close First Tranche of up to $6.5 Million Private PlacementVancouver, British Columbia--(Newsfile Corp. - March 29, 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 the closing of a first tranche private placement offering for gross proceeds of $4,554,000 of a $6,500,000 total offering previously announced (the \"Offering\"). The Offering is being 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\"). The Offering is being completed in connection with the proposed reverse take-over (the \"Transaction\") to be completed between Freckle and Knol pursuant to Policy 5.2 - Changes of Business and Reverse Takeovers of the TSX Venture Exchange (the \"TSXV\"). The Transaction was previously announced by Knol on January 16, 2019 and March 27, 2019.In connection with the first tranche of the Offering, Freckle issued 7,370,000 subscription receipts (the \"Freckle Subscription Receipts\") at a price of $0.20 per Freckle Subscription Receipt for gross proceeds of $1,474,000.\"). Concurrently with the issuance by Freckle of the Freckle Subscription Receipts, Knol issued 7,900,000 subscription receipts (the \"Knol Subscription Receipts\", and together with the Freckle Subscription Receipts, the \"Subscription Receipts\") at a price of $0.20 per Knol Subscription Receipt for gross proceeds of $1,580,000.Each Subscription Receipt shall be automatically exercised, without further action by the holder of such Subscription Receipt, and for no additional consideration, immediately prior to completion of the Transaction for one common share of either Freckle or the Resulting Issuer (as hereinafter defined), as the case may be. The exercise of the Subscription Receipts is contingent on the satisfaction of the escrow release conditions (the \"Escrow Release Conditions\") set out in detail in a subscription receipt agreement among Freckle, Knol, the Co-Lead Agents and Computershare Trust Company of Canada (the \"Escrow Agent\") in respect of the Freckle Subscription Receipts (the \"Freckle SR Agreement...