March 17, 2016
Ackroo to raise $2 million to provide working capital for growth, tech dev, acquisitions
OTTAWA--Ackroo Inc, the gift card, loyalty and rewards technology and services provider, announces that it will conduct a non-brokered private placement in which it will seek to raise up to $2,000,000. The offering is subject to the approval of the TSX Venture Exchange and is intended to close within the next few weeks.
In connection with the private placement, the Company will issue up to 10,000,000 common shares at a price of 20 cents per share. The Company expects to pay a finder's fee to certain eligible persons for subscriptions to the offering completed by qualified investors, who have been introduced by such finders, within the parameters permitted by the TSX Venture Exchange.
The private placement will be completed pursuant to available exemptions from prospectus requirements under applicable securities laws. All securities issued under in the private placement will be subject to a statutory hold period ending four months after issuance. The proceeds of the private placement will be used for growth and technology development of the Company as well as to support future strategic acquisition opportunities. The private placement remains subject to a number of conditions, including, but not limited to, the execution of subscription agreements with investors and TSX Venture Exchange approval. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities.
Ackroo is a SaaS based solution provider supplying gift card and loyalty solutions into the $160 billion North American gift card and loyalty market. Their solutions enable businesses, merchants and business networks to increase profitability and build long-term customer relationships through customized gift card and loyalty programs. Ackroo's web-based solutions provide the power of a massively scalable software platform in a lightweight online tool that works with existing point-of-sale equipment, making it easy and affordable for businesses to launch gift card, loyalty and rewards programs that deliver immediate return on investment. Ackroo is headquartered in Ottawa, Canada.