Financing will provide working capital for
growth and technology development as well as supporting future
strategic acquisition opportunities
OTTAWA, March 17, 2016 /CNW/ - Ackroo Inc. (TSXV:
AKR), (OTC: AKRFF), a gift card, loyalty and rewards technology and
services provider, announces that it will conduct a non-brokered
private placement in which it will seek to raise up to $2,000,000. The offering is subject to the
approval of the TSX Venture Exchange and is intended to close
within the next few weeks.
In connection with the private placement, the Company will issue
up to 10,000,000 common shares at a price of 20 cents per share. The Company expects to pay a
finder's fee to certain eligible persons for subscriptions to the
offering completed by qualified investors, who have been introduced
by such finders, within the parameters permitted by the TSX Venture
Exchange.
The private placement will be completed pursuant to available
exemptions from prospectus requirements under applicable securities
laws. All securities issued under in the private placement will be
subject to a statutory hold period ending four months after
issuance. The proceeds of the private placement will be used for
growth and technology development of the Company as well as to
support future strategic acquisition opportunities. The
private placement remains subject to a number of conditions,
including, but not limited to, the execution of subscription
agreements with investors and TSX Venture Exchange approval. This
news release does not constitute an offer to sell or a solicitation
of an offer to buy any securities.
About Ackroo
Ackroo is a SaaS based solution provider
supplying gift card and loyalty solutions into the $160 billion North American gift card and loyalty
market. Their solutions enable businesses, merchants and business
networks to increase profitability and build long-term customer
relationships through customized gift card and loyalty programs.
Ackroo's web-based solutions provide the power of a massively
scalable software platform in a lightweight online tool that works
with existing point-of-sale equipment, making it easy and
affordable for businesses to launch gift card, loyalty and rewards
programs that deliver immediate return on investment. Ackroo is
headquartered in Ottawa, Canada.
For more information, visit: www.ackroo.com.
The TSX Venture Exchange has neither approved nor disapproved
the contents of this press release. Neither TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. This press release
contains statements that constitute forward looking statements.
These statements include, among others, statements about Ackroo's
intention to complete a private placement. Readers are cautioned
not to place undue reliance on such forward looking statements.
Such statements are based on current expectations and assumptions
and involve a number of risks and uncertainties which could cause
actual results to differ materially from those anticipated by
Ackroo Inc.
Forward Looking Statements
This release contains
forecasts and forward-looking statements that are not guarantees of
future performance and activities and are subject to risks and
uncertainties. The Company has based these forward-looking
statements on assumptions and assessments made by its management in
light of their experience and their perception of historical
trends, current conditions, expected future developments and other
factors they believe to be appropriate. Important factors that
could cause actual results, developments and business decisions to
differ materially from those anticipated in these forward-looking
statements include, but are not limited to: the Company's ability
to raise enough capital to support the Company's go forward plans;
the overall global economic environment; the impact of competition
and new technologies; general market, political and economic
conditions in the countries in which the Company operates;
projected capital expenditures and liquidity; changes in the
Company's strategy; government regulations and approvals; changes
in customers' budgeting priorities; plus other factors that may
arise. Any forward-looking statements in this press release are
made as of the date hereof, and the Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
SOURCE Ackroo Inc.
