Ackroo to Raise $500,000 in Private Placement
Additional capital to fund sales initiatives and ongoing technology development
OTTAWA, ON–(Marketwired - June 13, 2017) - Ackroo Inc. (the “Company” or “Ackroo”) (TSX VENTURE: 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 $500,000. The private placement will provide the Company with the additional working capital needed to continue funding of sales initiatives and ongoing improvements to the software platform and product offerings utilized by Ackroo merchants.
In connection with the private placement, the Company will issue up to 6,250,000 units (each, a “Unit”) at a price of $0.08 per Unit. Each Unit will consist of one common share of the Company and one common share purchase warrant, entitling the holder to purchase one additional common share of the Company (a “Warrant Share”) at a price of $0.12 per Warrant Share for a period of twelve (12) months from the date of the issuance. The warrants are subject to accelerated expiry in the event the closing price of the Company’s shares is $0.15 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 the private placement will be subject to a statutory hold period ending four months and one day after issuance. Completion of the private placement remains subject to the approval of the TSX Venture Exchange.
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
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.
For further information, please contact:
Chief Executive Officer
Tel: 613-599-2396 x730