TSX VE approved final closing up to Dec. 1 Mr. Doug Dyment reports
GATEKEEPER PROVIDES UPDATE ON FINANCING
Gatekeeper Systems Inc. has provided an update on its previously announced non-brokered private placement.
The company is working expeditiously with subscribers and expects to close the financing prior to Nov. 20, 2020. Additional processing time was required beyond the company's control. The TSX Venture Exchange has approved final closing for the financing up to Dec. 1, 2020.
Doug Dyment, chief executive officer of Gatekeeper, commented: "While we work diligently to close the financing, I would like to remind our shareholders that the fundamentals of our business have never been stronger. This financing was unsolicited, and its closing does not impede the operations of the company. We have reported nine consecutive quarters of record-breaking growth and in our latest fiscal quarter (Q3 2020) we reported revenue of $5.6-million, net income of $1.3-million and working capital of $7.7-million. We also secured a $3-million credit facility with TD Bank in July, 2020, which is currently not utilized. The subscribers have been unwavering in their commitment to complete the financing and they are appreciative that the company is accommodating the unexpected additional time that they have required to close."