RE:November cheap shares hit float 2020-08-24 09:28 ET - News Release
Mr. Johnson Joseph reports
PEAK CLOSES SECOND HALF OF OVERSUBSCRIBED $3.5M NON-BROKERED PRIVATE PLACEMENT
Peak Positioning Technologies Inc. has closed the second half of a private placement financing originally intended to raise a total of $2-million, but which saw oversubscription of the offering push the total amount raised to more than $3.5-million.
Between the first and second half of the private placement, the Company sold a total of 17,595,000 units ("Units") for gross proceeds of $3,519,000 ("Offering"). Each Unit, priced at $0.20, is composed of one common share and one common share purchase warrant ("Warrant"), with each Warrant entitling the holder to acquire one common share at a price of $0.25 for a period of 24 months following the closing date of the Offering.
PEAK EXTENDS WARRANT EXPIRY TERM
Peak Positioning Technologies Inc. has extended the expiry term of 1.14 million warrants by an additional six months. The warrants have an exercise price of 50 cents and were set to expire on Aug. 28, 2020. They will now expire on Feb. 28, 2021, and retain the same exercise price of 50 cents.
PEAK EXTENDS SECURED DEBENTURE MATURITY DATE TO DECEMBER 2020
Peak Positioning Technologies Inc. has reached an agreement with holders of the secured debenture issued in December, 2017, to extend the maturity date of the debenture by an additional 12 months. The debenture, which was issued for an original amount of $12-million and had a remaining balance outstanding of $3.5-million at the time of the extension agreement, will now mature on Dec. 16, 2020, instead of Dec. 16, 2019.
The warrants accompanying the debenture, which allow holders to surrender the debenture at any time prior to maturity to acquire common shares of the company at a price of five cents per share and that are set to expire on Dec. 16, 2019, will be replaced by new warrants with the same attributes, except that they will expire on Dec. 16, 2020, to coincide with the new maturity date of the debenture. For each five-cent warrant that is tied to the debenture, debentureholders will also receive an additional warrant that will allow them to acquire common shares of the company at a price of eight cents per share at any time for a period of 24 months from their date of issuance.