OTTAWA, Nov. 18, 2016 /CNW/ - Ackroo Inc. (TSX-V: AKR;
OTC: AKRFF) ("Ackroo" or the "Company"), a gift card, loyalty and
rewards technology and services provider, today announced it has
closed a private placement for gross proceeds of $1,000,000. In connection with closing, the
Company issued 5,000,000 common shares to subscribers at a price of
$0.20 per share and 2,500,000 common
share purchase warrants. Each common share purchase warrant
entitles subscribers to purchase one additional common share of the
Company at a price of $0.30 per share
for a period of 24 months from the date of issuance. The
warrants are subject to accelerated expiry in the event the
Company's shares close at $0.40 or
more for 10 consecutive trading days. In conjunction with the
placement the Company has paid $14,940 and issued 67,200 common share purchase
warrants as a commission to finder's who have introduced qualified
investors to the Company. The finders' warrants are
exercisable on the same terms as the private placement
warrants. All securities issued on closing of the private
placement are subject to a four month and a day hold period.
"This financing was key to our next phases of growth" said
Steve Levely, chief executive
officer at Ackroo. "The funds allow us to support our working
capital requirements while also providing us with additional funds
to hire more staff back into the Company to position us for
scale. Our hiring plan has us adding staff into sales,
marketing and product development which will allow the Company to
better support our general operations, our channel partners and our
current and prospective acquisitions. As we begin to create
more departmental focus and improve on our ability to execute,
these additional hires play a key role in our success. We
believe not only will the additional staff assist us with closing
the final gap of our operating losses, these individuals will help
solidify our employee baseline so that we can continue to execute
on our organic and inorganic growth plans and begin scaling the
business further. An exciting win for the Company, our
customers and for our shareholders."
In addition, Ackroo has granted options to purchase 235,000
common shares to officers, employees and consultants of the Company
at a price of $0.20, for a period of
3 years. The grant is subject to the approval of the TSX
Venture Exchange.
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
These forecasts and forward-looking statements 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.
