Glance Technologies Inc. Completes $11 Million Bought Deal
VANCOUVER, British Columbia, Dec. 27, 2017 (GLOBE NEWSWIRE) -- Glance Technologies Inc. (CSE:GET) (OTCQB:GLNNF) (FKT:GJT) (the Company) is pleased to announce that it has closed the previously announced bought deal public offering (the "Offering") of 3,684,000 units of the Company (the Units) at a price of C$3.00 per Unit (the Offering Price) pursuant to an underwriting agreement (the Underwriting Agreement) with Echelon Wealth Partners Inc. and PI Financial Corp. as co-lead underwriters, (together, the Underwriters) for gross proceeds to the Company of approximately $11,052,000. Pursuant to the Underwriting Agreement, the Underwriters have been granted an over-allotment option that may be exercised for a period of 30 days from the closing of the Offering to purchase 552,600 additional Units at the Offering Price. Each Unit consists of one common share of the Company (each, a Unit Share) and one unit purchase warrant (each, a Unit Warrant). Each Unit Warrant is exercisable into one unit (each, a Subsequent Unit) at an exercise price of $3.84 per Subsequent Unit for a period of 12 months following the closing of the Offering. Each Subsequent Unit consists of one common share of the Company (each, a Subsequent Unit Share) and one common share purchase warrant (each, a Share Warrant) exercisable at an exercise price of $5.00 per common share (Common Share) for a period of 24 months following the closing of the Offering. Both the Unit Warrants and the Share Warrants are transferable by the holders thereof. In consideration for the services provided by the Underwriters and pursuant to the Underwriting Agreement, the Underwriters received a cash commission equal to 7% of the gross proceeds raised under the Offering and Units equal to 7% of the total number of Units sold under the Offering. Glance now has over $17,400,000 cash in the bank to pursue its business goals.