Very good news from KNR. Completion of a PP at increased
size.Also fact that 2 Directors of the company participated in the PP. Shows their faith in the company"s development
" Kontrol Energy Corp. (CSE:KNR) (the "Company") announces an increase to and completion of its previously announced non-brokered private placement of units (the "Units"). The Units were offered at a price of $0.60, with each Unit consisting of one common share and one half common share purchase warrant. The offering size was increased from one million (1,000,000) Units to one million sixty-nine thousand one hundred sixty-six Units (1,069,166) resulting in gross proceeds of six hundred forty-one thousand five hundred dollars($641,500). Each warrant will be exercisable to acquire one common share of the Company at a price of $0.80 for a period of one (1) year.
Two directors of the Company (the "Interested Persons") subscribed for an aggregate of 83,333 Units under the offering for aggregate cash consideration of $50,000. The participation of these parties in the offering constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on the exemptions from the formal valuation and minority approval requirements contained in sections 5.5(b) and 5.7(b) of MI 61-101. The Interested Persons have no knowledge of any material information concerning the Company or its securities that has not generally been disclosed. As a result of the offering, the combined direct and indirect voting interest of the Interested Persons is 0.34%.
Proceeds from the Offering will be used for acquisition related expenses and working capital. All securities purchased under this Offering will be subject to a four month and one-day hold period. Finders' fees may be payable on a portion of the Offering, in accordance with the policies of the CSE.
About Kontrol Energy Corp.
Kontrol Energy Corp. (CSE:KNR) is a leader in energy efficiency solutions and technology. Through a disciplined mergers and acquisition strategy, combined with organic growth, Kontrol Energy Corp. provides market-based energy solutions to our customers designed to reduce their overall cost of energy while providing a corresponding reduction in Green House Gas (GHG) emissions.
