Vancouver, British Columbia (FSCwire) - <WSODTagging BridgeSymbol="US;ORTFF" WSODIssue="78096383">Orca Touchscreen Technologies Ltd</WSODTagging>. (the “Company” or “Orca Touchscreen”) (CSE:OAA, FSE:6OT, OTCQB:ORTFF), is pleased to announce the closing today of the second tranche of a non-brokered private placement by way of offering memorandum dated March 7, 2016.
Further to a news release dated March 9, 2016, the Company closed the first tranche of a private placement under the offering memorandum for 1,471,150 units at $0.30 for$441,345.
The Company has now closed the second tranche under the offering memorandum consisting of 186,620 units at a price of $0.30 per unit, for total gross proceeds of $55,986.00 to be used for general working capital purposes.
Each unit is comprised of 1 common share and ½ warrant. Each whole warrant is exercisable to purchase 1 additional common share of the Company at an exercise price of $0.40 per share for a period of 5 years from the issuance date of such warrants.
The common shares and the warrants comprising the units are subject to a standard hold period of 4 months and 1 day from their date of issuance and, pursuant to the terms of the subscription agreement between the Company and each subscriber, are subject to a concurrent special hold period of 6 months and 1 day from their date of issuance.
The Company will pay a finder a fee equal to 20% of the proceeds for the units purchased by subscribers introduced by such finder.
About Orca Touchscreen
Orca Touchscreen operates through its wholly-owned subsidiary, Orca Mobile Solutions Ltd.the business of designing, producing, selling, distributing, servicing and refurbishing touchscreen devices including smartphones and tablets. The Company is working with partners in developing countries to establish semi knock down (SKD) assembly factories to produce smartphones, tablets and other touchscreen devices for sale in those countries’ growing markets.
As well, Orca Touchscreen has an exclusive worldwide license to use and sublicense all the technology and patents owned by Sollensys Corp., incorporated in Korea, for making, selling and distributing touchscreen products and services.
The common shares of Orca Touchscreen are listed for trading on 3 markets: the Canadian Securities Exchange under the trading symbol “OAA”, the Frankfurt Stock Exchange under the trading symbol “6OT”, and on the OTCQB marketplace (part of OTC Markets Group) under the trading symbol “ORTFF”.
To learn more about Orca Touchscreen, visit www.orcatouchscreen.com, and you can view its profile and documents at www.sedar.com and www.thecse.com.
For further information, please contact:
Michael Malana
Chief Financial Officer
Orca Touchscreen Technologies Ltd.
Telephone: 604.601.8504
Email: info@orcatouchtech.com