OTTAWA, ON—(Marketwired – June 30, 2017) – Ackroo Inc. (TSX VENTURE: AKR) (OTC: AKRFF) (“Ackroo” or the “Company”), a gift card, loyalty and rewards technology and services provider, is pleased to announce that it has received orders for 11,575,364 units of its ongoing private placement. These orders have come from strategic investors, many of which are long–standing shareholders of the Company. The placement is now fully–subscribed and the Company anticipates closing occurring on or about Wednesday, July 5th.
In connection with these orders, the Company has elected to restructure the terms of the private placement as announced on June 13th, 2017. Each unit will now be offered at a price of $0.055, and will consist of one common share and one share purchase warrant entitling the holder to acquire a further common share at a price of $0.10 per a period of sixty months. The warrants are subject to accelerated expiry in the event the closing price of the Company's shares is $0.20 or more for thirty consecutive trading days. No finders' fees will be paid in connection with the placement, and it will result in proceeds to the Company of $636,645.
Completion of the private placement remains subject to the final approval of the TSX Venture Exchange. All securities issued on closing of the private placement will be subject to a four month and one day hold period.
Ackroo provides gift card and loyalty processing solutions to help retail and hospitality merchants 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.