Business
Reklaim Closes Final Tranche of Non-Brokered Private Placement for Total Gross Proceeds of $1.56 Million
Private placement combined with cash neutral position provides margin and operational improvem...
About this update from Reklaim Ltd
[{"type":"text","content":"Reklaim Closes Final Tranche of Non-Brokered Private Placement for Total Gross Proceeds of $1.56 MillionPrivate placement combined with cash neutral position provides margin and operational improvement for Reklaim moving forward.New York, New York--(Newsfile Corp. - July 19, 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 second and final tranche of a non-brokered private placement offering (the \"Offering\") comprised of 3,970,740 units (the \"Units\") at a purchase price of $0.0675 per Unit for aggregate gross proceeds of approximately $268,025. 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. In the event that the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange (the \"TSXV\") is more than $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. Gross proceeds from both tranches of the Offering totaled $1,564,997 and comprised 23,185,146 Units. Additionally, as signaled in the original private placement announcement, 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 Sweeney, Founder and CEO of Reklaim. \"With companies such as Apple and Google continuing to make changes to reduce the amount of data leaking from their systems, the billion-dollar data market is seeing a reduction in supply, forcing companies that depend on data to find new data partners such as Reklaim. When combined with the tailwind of regulation, most recently Canada's new privacy bill, Bill C-27, as well as Connecticut's Senate Bill 6, An Act Conce...