Second Tranche of PP completed and closing of acquisition predicted.
("Kontrol" or "Company") is pleased to announce that it has closed a second tranche of its previously announced P
rivate Placement (see news release dated June 24th, 2020). Gross proceeds from the second tranche were $730,000 and $1,977,000 for the total raise. Kontrol further announces that it anticipates completing the previously announced building solutions company acquisition the week of July 13th, 2020 (the "Acquisition") (see Kontrol's press releases dated May 19th, 2020 and June 24th, 2020).
Cash commission equal to $79,800 were paid to finders or brokers, in addition to common share purchase warrants ("Compensation Warrants") entitling the finders to purchase 133,500 common shares at a price of $0.60 prior to or on June 30, 2022, and at a price of $0.70 thereafter until June 30, 2023. All securities issued under the Private Placement are subject to a four month hold period expiring November 7th, 2020 in accordance with applicable securities laws and the policies of the Canadian Securities Exchange ("CSE").
Paul Ghezzi, the Company's CEO, stated: "We are very pleased with the interest in and positive market response to our private placement. We look forward to completing our previously announced Acquisition and growing our connected buildings and customer base."
