OTTAWA, Sept. 30, 2016 /CNW/ - Ackroo Inc. (TSX-V: 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 raise up to $1,000,000. The Company has secured an initial
lead order of $107,500 for the
private placement, and it is anticipated that closing will occur
within the next few weeks.
In connection with the private placement, the Company will issue
up to 5,000,000 units (each, a "Unit") at a price of $0.20 per Unit. Each Unit will consist of
one common share of the Company and one-half-of-one common share
purchase warrant, each full warrant entitling the holder to
purchase one additional common share of the Company (a "Warrant
Share") at a price of $0.30 per
Warrant Share for a period of twenty-four (24) months from the date
of the issuance. The warrants are subject to accelerated
expiry in the event the Company's shares trade at $0.40 or more for 10 consecutive trading
days. The Company expects to pay a finder's fee to certain
eligible persons who have introduced qualified investors to the
Company.
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 and
one day after issuance. The proceeds of the private placement
will be used to support growth and development of the Company's
existing technology and product offerings, as well as to support
the Company's previously announced acquisition of the
Loyalint/Fidelint platform and other future strategic acquisition
opportunities.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any securities. Completion of
the private placement remains subject to the approval of the TSX
Venture Exchange.
The Company is also pleased to announce that it has completed
the acquisition of the Loyalint/Fidelint gift card and
loyalty-processing platform from Orbo Rewards. The Company
has also acquired all customer contracts and assets of Orbo Rewards
related to the platform. For further information regarding
the assets acquired, readers are encouraged to review the Company's
news release of September 15,
2016.
In consideration for the acquisition, the Company has completed
a cash payment of $100,000 and has
issued 500,000 common shares to Orbo Rewards. The Company
will also complete a further series of cash payments to Orbo
Rewards, totalling $270,000 over a
fifteen month term from December 2016
through until February 2018. The common shares issued in
connection with the acquisition are subject to a statutory hold
period ending four months and one day after issuance.
About Ackroo
Ackroo provides gift card and loyalty processing solutions to
help small to medium sized businesses attract, retain and grow
their customers and their revenues. Through a SaaS based business
model Ackroo provides an in-store and online automated solution to
help merchants process gift card & loyalty transactions at the
point of sale, provide key administrative and marketing data, and
to allow customers to access and manage their gift card and loyalty
accounts. Ackroo also provides important marketing services to
assist their merchants with utilizing Ackroo's technology solution.
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.
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.
