LAVAL,
QC, Aug. 19, 2024 /CNW/ - Geekco
Technologies Corporation (the "Corporation" or
"Geekco") (TSX-V: GKO) (OTCQB: GKOTF) is pleased to announce
a private placement for gross proceeds of up to $700,000 (the "Private Placement") by the
issuance of a maximum of 14,000,000 units at a price of
$0.05 each (each a "Unit").
Each Unit consists of one (1) Class A share of the share capital of
the Corporation (each a "Common Share") and one (1) warrant
(each a "Warrant"). Each Warrant entitles the holder to
acquire one (1) additional Common Share at a price of $0.08 until three (3) years from their issuance
date.
The Corporation intends to use the net proceeds from the Private
Placement for general and working capital purposes.
Any intermediary can receive a cash commission of up to 7% of
the aggregate gross proceeds of subscriptions for the Private
Placement submitted by this intermediary; and a commission in the
form of intermediary warrants for an equivalent number of up to 7%
of the number of Units issued under the Private Placement from
subscriptions submitted by this intermediary. Each intermediary
warrant will have the same terms as the Warrants included in the
Units.
All securities issued within the Private Placement are subject
to a four-month and one-day resale restriction period from the
closing date of the Private Placement. Closing of the Private
Placement may occur in one or more tranches and is subject to the
TSX Venture Exchange (the "TSXV") approval and any other
applicable regulatory approvals.
The Corporation anticipates that certain "related parties" of
the Corporation will participate in the Private Placement. The
participation in the Private Placement of such "related parties"
will constitute a "related party transaction" as defined under
Multilateral Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions ("MI 61-101"). The
Corporation expects that the Private Placement will be exempt from
the formal valuation and minority shareholder approval requirements
of MI 61-101 as the Corporation is listed on the TSXV and neither
the fair market value of securities being issued to the related
parties nor the consideration being paid by related parties will
exceed 25% of the Corporation's market capitalization.
Resignation of Director
Furthermore, the Corporation also announces that it has accepted
the resignation of Mr. Vincenzo
Guzzo from Geekco's Board of Directors. The Corporation
extends its gratitude to Mr. Guzzo for his valuable contributions
during his tenure and wishes him the best in his future
endeavours.
ABOUT GEEKCO
Geekco is positioned at the forefront of technological solutions
that are evolving the new way of doing marketing while stimulating
and energizing the economy of each city and each neighborhood by
making consumers and shops interact like never before. Its FlipNpik
application allows users to discover businesses around them in real
time using the interactive map, access exclusive rewards and even
find a job. Shops thus increase their traffic and their visibility
while recruiting their future employees. All this in the same
app.
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.
SOURCE Geekco Technologies inc
