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Wednesday, 10/21/2020 10:01:45 AM

Wednesday, October 21, 2020 10:01:45 AM

Post# of 63
News Out!!!! I am not happy about the dilution but Mr. Shen has a history of producing winners. Time will tell. $AKRFF

Ackroo Inc.
Tue, October 20, 2020, 7:00 AM CDT
HAMILTON, Ontario, Oct. 20, 2020 (GLOBE NEWSWIRE) -- Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (the “Company”), a loyalty marketing, gift card and payments technology and services provider, is pleased to announce a non-brokered private placement of $3,000,000. The private placement will provide the Company with the capital to pursue future strategic acquisitions and to provide organic growth opportunities. Shen Capital Partners Inc. or an affiliated entity (“Shen Capital”) will be the lead investor with a minimum of $2,000,000 under this private placement.

In connection with the private placement, the Company will issue up to 25,000,000 units (each, a “Unit”) at a price of $0.12 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 $0.18 per Warrant Share for a period of thirty-six (36) 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 on the TSX Venture Exchange is $0.28 or more for 20 consecutive trading days on or after 18 months from the date of issuance. The Company may elect to pay finder’s fees to certain eligible persons who have introduce qualified investors to the Company.

In connection with the subscription from Shen Capital, upon closing of the private placement, the Company has agreed to grant Shen Capital the right to nominate one member to the Board of Directors, who shall initially be Francis Shen, and one board observer, who shall initially be Andrew Shen.

The private placement will be completed pursuant to available exemptions from prospectus requirements under applicable securities laws. All securities issued in 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.