Cleantek Industries Inc V.RPC

Primary Symbol: GLKFF

Energy

Raise Production Inc is an oilfield service company that focuses on the production service sector, utilizing its proprietary products to enhance and increase ultimate production in both conventional and unconventional horizontal oil and gas wells. It provides in-house design, manufacture of patented devices, reservoir analysis, and other related services. The company segments include Raise Efficient Artificial Lift system, Horizontal Artificial Recovery Technology and Corporate. It derives maximum revenue from the Raise Efficient Artificial Lift system segment. Geographically, it generates a majority of revenue from Canada and also has a presence in the US and Romania.

GREY:GLKFF - Post by User

Cleantek Industries Inc

Bullboard Posts

Post by rustycaton May 30, 2017 2:15pm

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Post# 26301669

How not to do a Private Placement

Reward insiders for the excellent work on Jan 23: "extend the term of 2,251,250 options exercise price of $0.24 per share, expire on January 23, 2022."

Then onJan 26, offer a private placement offering of up to 12,000,000 units of the Company at a price of $0.25 per Unit for total gross proceeds of up to $3,000,000 the Company retains the ability to raise up to $4,000,000 through the issue and sale of up to 16,000,000 Units if it so chooses.

Each Unit will consist of one common share of the Company and one half of one common share purchase warrant. Each whole warrant (a "Warrant") is exercisable for one Common Share for a period of 18 months from the closing date of the Offering at an exercise price of $0.40 per share,

It took untilFeb 10 to close the first tranche when they closed the first tranche of its private placement offering previously announced on January 26, 2017. The first tranche consisted of 7,112,144 units at a price of $0.25 per Unit for total gross proceeds of $1,778,036 (the "Offering"). The second tranche is expected to close on or around February 21, 2017.

Each Unit consists of one common share of the Company (a "Common Share") and one half of one common share purchase warrant. Each whole warrant is exercisable for one Common Share of the Company for a period of 18 months from the closing date of the Offering at an exercise price of $0.40 per share, subject to accelerated expiry in certain circumstances at the discretion of the Company.

As as indicated they closed the final tranche on Feb 21 of 1,820,000 units (the "Units") at a price of $0.25 per Unit for total gross proceeds of $455,000 .

So, they fell short of what they had planned of a minimum 12million shares and up to 16 million pp shares-- they were only able to place 8.9 million shares in the pp.

Now, they they just granted themselves 1,150,000 stock options at an exercise price of $0.205

Yep, I'm sure if anyone reviews this sad episode they'll not be real anxious to take part in any future PPs offered at anything other than a substantial discount to the latest option granting for insiders.

I'm looking for this stock to be lucky to hold the teens.