Business
Reklaim Closes $1.3 Million Non-Brokered Private Placement and Streamlines Operations to Cash Neutral.
Private placement combined with cash neutral position provides margin and operational improvem...
About this update from Reklaim Ltd
[{"type":"text","content":"Reklaim Closes $1.3 Million Non-Brokered Private Placement and Streamlines Operations to Cash Neutral.Private placement combined with cash neutral position provides margin and operational improvement for Reklaim moving forward.New York, New York--(Newsfile Corp. - June 23, 2022) -  Reklaim Ltd. (OTCQB: MYIDF) (TSXV: MYID) (\"Reklaim\" or the \"Company\"), the destination for consumers to access and reclaim their data, announces the closing of the first tranche of a non-brokered private placement offering (the \"Offering\") comprised of 19,214,406 units (the \"Units\") at a purchase price of $0.0675 per Unit for aggregate gross proceeds of approximately $1,296,972. Each Unit consisted of one common share (a \"Common Share\") and one-full common share purchase warrant (each, a \"Warrant\"), with each Warrant exercisable to acquire one common share of Reklaim at $0.10 for 36 months from the date of issuance provided that in the event that the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange (the \"TSXV\") is in excess of $0.15 for a period of 20 consecutive trading days, the Company may accelerate the expiry date of the Warrants to 30 days from the date on which the Company provides written notice to the holders of the Warrants. The Company reserved the purchase price for the Offering by way of a price reservation form filed with the TSXV. The Company may complete one or more additional tranches of the Offering for aggregate gross proceeds of up to $2,500,000 (including the gross proceeds of the Offering). The Company issued 859,740 non-transferable finders warrants, each exercisable on the same terms as the Warrants, and 710,500 finders units, each comprised of one Common Share and one Warrant in connection with the Offering to certain arm's length finders. Reklaim expects to use all net proceeds raised from the sale of the Units for general corporate and working capital purposes.Additionally, as signaled in both its Q4-2021 and Q1-2022 MD&A, the Company is pleased to announce that it has streamlined its operations to a cash-neutral position after two years of building its infrastructure, distribution, and scale. \"The market for privacy continues to grow with more consumers becoming aware of the current system of persistent surveillance and the arbitrage of their data,\" said Neil Sw...