VANCOUVER, BC--(Marketwired - October 31, 2016) - HIT Technologies Inc. (the "Company") (TSX VENTURE: HIT) is pleased to announce that it closed its non-brokered private placement (the "Debenture Offering") of secured convertible debentures (the "Debentures"), raising aggregate gross proceeds to the Company of $375,000.
At the closing of the Debenture Offering, the Company issued Debentures in the principal amount of $375,000 (the "Debenture Sum"). The Debentures will expire on October 31, 2018 (the "Maturity Date"). The Debenture Sum will bear interest at a rate of 10% per annum and may be converted, in whole or in part, at the sole discretion of the subscribers, at any time prior to the Maturity Date, into common shares in the capital of the Company ("Conversion Shares"). The conversion rate will be one Conversion Share for each $0.05 of the Debenture Sum, if any portion of the Debenture Sum is converted within 12 months from the issue date, and one Conversion Share for each $0.10 of the Debenture Sum, if any portion of the Debenture Sum is converted after 12 months from the issue date. The Debentures, as well as any Conversion Shares issued upon conversion of the Debenture Sum, will be subject to a four-month hold period which will expire on March 1, 2017.
The Company is also pleased to announce that it closed its non-brokered private placement (the "Common Share Offering" and together with the Debenture Offering, the "Offerings") of common shares in the capital of the Company (the "Common Shares"), raising aggregate gross proceeds to the Company of $90,000.
At the closing of the Common Share Offering, the Company issued an aggregate of 1,800,000 Common Shares at a subscription price of $0.05 per Common Share. The Common Shares will be subject to a four-month hold period which will expire on March 1, 2017.
The Company received conditional acceptance of the Offerings from the TSX Venture Exchange. The net proceeds of the Offerings will be used by the Company for developing the Company's products, including cases and accessories for the current and next generation Apple iPhone and for general working capital purposes.
About HIT Technologies Inc.
The Company develops and markets a portfolio of products that transform Apple iPhones into high-performing, weather- and shock-resistant video cameras. Both of its flagship products, HITCASE PRO and its newer SNAP, allow users to easily capture action photo and video content hands-free, using a variety of the Company's patented Railslide™ mounts that attach to virtually any surface. Swappable lenses and accessories provide a variety of perspectives otherwise unattainable while participating in adventure sports. The Company is headquartered in Vancouver, British Columbia, Canada and trades on the TSX Venture Exchange (TSX VENTURE: HIT). For more information about HITCASE, visit www.HITCASE.com. Search #hitcase on Instagram to see some of the amazing images created by HITCASE customers.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this press release.
This press release may contain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, anticipations, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.