uBUCK Technologies Announces Non-Brokered Private Placement of up to US$4 Million
September 23 2019 - 6:00AM
LiteLink Technologies Inc. (“LiteLink”)
(CSE:LLT)(OTC:LLNKF)(FRA:C0B), a key player in logistics platforms
and payment solutions, is pleased to announce that its wholly-owned
subsidiary uBUCK Technologies SEZC (“uBUCK”), will conduct a
non-brokered private placement of up to 8,000,000 preferred shares,
at a price of US$0.50 per share for aggregate gross proceeds up to
US$4,000,000 based on a pre-money valuation of US$25,000,000.
uBUCK intends to use the proceeds of the private placement to
complete the development of the uBUCK and Streambucks digital
wallets, accelerate growth and increase customer acquisitions.
The closing of the initial tranche of $400,000 of the offering
is scheduled to occur on or about September 30, 2019. Under the
terms of the offering, uBUCK expects an initial investment
milestone of US$1,500,000 will be made in exchange for 3,000,000
preferred shares at a price of US$0.50 per share by June 30, 2020.
Following the first milestone installment of US$1,500,000, the
investor will have the option, until September 30, 2021, to invest
an additional US$2,500,000 for a total of 8,000,000 preferred
shares at a price of $0.50 per share.
The private placement is a non-dilutive transaction for LiteLink
shareholders. The transaction will be subject to all necessary
regulatory approvals and may close in one or more tranches. The
first tranche is expected to close on or about September 30,
2019.
The initial investment of US$1.5 million would give the investor
a 6% ownership in uBUCK. An additional US$2.5 million investment
would result in a 16% ownership of the uBUCK. The preferred shares
come with first rights to dividends of 6% (of the amount invested)
and first claims to assets up to the investment in case of
liquidation.
About uBUCK Technologies SEZCBased in
Georgetown, Cayman Islands, uBUCK Tech is a fintech enterprise that
specializes in decentralized digital payments and wallets. uBUCK
Pay, its online payments platform and pin voucher solution, offers
consumers, businesses and merchants a fast, commission-free and
highly secure alternative to traditional payments. Customers can
purchase pin vouchers within the uBUCK Pay app or at participating
resellers. For details about uBUCK Pay, please visit uBUCKpay.com.
For details about Streambucks, please visit Streambucks.gg.
About LiteLink Technologies Inc.LiteLink
Technologies Inc. (CSE:LLT) (OTC:LLNKF) (FRA:C0B) is a major player
in developing world-class enterprise platforms that utilize
artificial intelligence, blockchain, and predictive analytics to
solve fragmented and outdated technology problems in the logistics
and digital payment industries. Our flagship 1SHIFT logistics
platform offers real-time transparency and tracking which allows
brokers, shippers, and carriers to track shipments and settle
payments in real-time.
For further information, contact Yana Bobrovskaya at
604-307-2553 or email investor@litelinktech.com.
Forward-looking StatementThis news release may
contain certain “Forward-Looking Statements” within the meaning of
the United States Private Securities Litigation Reform Act of 1995
and applicable Canadian securities laws. When used in this news
release, the words “anticipate”, “believe”, “estimate”, “expect”,
“target”, “plan”, “forecast”, “may”, “schedule” and other similar
words or expressions identify forward-looking statements or
information. These forward-looking statements or information may
relate to the nature of the business of LiteLink, and other factors
or information. Such statements represent LiteLink’s current views
with respect to future events and are necessarily based upon a
number of assumptions and estimate that, while considered
reasonable by LiteLink, are inherently subject to significant
business, economic, competitive, political and social risks,
contingencies and uncertainties. Many factors, both known and
unknown, could cause results, performance or achievements to be
materially different from the results, performance or achievements
that are or may be expressed or implied by such forward-looking
statements. LiteLink does not intend and does not assume any
obligation, to update these forward-looking statements or
information to reflect changes in assumptions or changes in
circumstances or any other events affections such statements and
information other than as required by applicable laws, rules and
regulations.
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