December 09, 2016 16:30 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 9, 2016) - Kona Bay Technologies Inc. (the "Company") (TSX VENTURE:KBY) announces that the board of directors has closed its previously announced private placement financings (see news release dated November 4, 2016) by issuing:
Insiders purchased all Units and Convertible Debenture Units under the offerings for gross proceeds of $240,000. Any purchases by insiders will be considered a related party transaction subject to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. The Company will rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that participation in the private placement by each insider will not exceed 25% of the fair market value of the Company's market capitalization.
The securities issued under this first tranche of the financing will be subject to a hold period expiring on April 10, 2017 pursuant to applicable securities laws and the rules of the TSX Venture Exchange.
The Company intends to use the gross proceeds of the offerings for general working capital.
Kona Bay Technologies Inc.
Kona Bay Technologies is a global provider of Online Customer Acquisition software and services. We acquire, manage, and build Online Customer Acquisition businesses that address the specific client acquisition needs of our customers in particular vertical markets.
FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding future plans and objectives of Kona Bay Technologies Inc. - are forward-looking statements that are subject to various risks and uncertainties. Forward-looking statements are based on current expectations and analyses, including the effects of anticipated product, service, and distribution changes and the potential benefits of such efforts and activities on the Company's results of operations in future periods. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.
Neither 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 or accuracy of this release.
Kona Bay Technologies Inc.Vincent WongPresidentinvestor.email@example.com
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