Lark Investments Inc.

April 21, 2016 15:35 ET

Lark Investments Inc. Announces Investment in Snipp Interactive Inc.

TORONTO, ONTARIO--(Marketwired - April 21, 2016) - Lark Investments Inc. ("Lark Investments") announced today that it acquired ownership and control of 17,000,000 common shares of Snipp Interactive Inc. ("Snipp") pursuant to a private placement, representing approximately 13.77% of Snipp's issued and outstanding common shares. Lark Investments acquired the common shares at a price of $0.30 per share for an aggregate purchase price of $5,100,000. Following the acquisition, Lark Investments has beneficial ownership and control over 21,652,136 common shares of Snipp, representing approximately 17.54% of Snipp's issued and outstanding common shares.

In addition, Lark Investments owns warrants exercisable to acquire up to 681,818 common shares of Snipp. If Lark Investments were to exercise all of its warrants, it would own 22,333,954 common shares of Snipp, representing approximately 18% of Snipp's issued and outstanding common shares assuming that no further common shares of Snipp have been issued.

Lark Investments will now be an insider of Snipp and has been granted, among other things, participation rights in future Snipp financings and the right to nominate one person to serve as a member of Snipp's board.

Lark Investments acquired the common shares for investment purposes. Depending on market conditions and other factors, Lark Investments may from time to time acquire and/or dispose of securities of Snipp or continue to hold its current position.

A copy of the early warning report to be filed by Lark Investments in connection with the investment will be available on Snipp's profile on SEDAR at www.sedar.com.

Contact Information

  • Lark Investments Inc.
    Ali Ebrahim
    President
    220 Duncan Mill Road, Suite 615
    Toronto, Ontario, M3B 3J5
    (416) 444-0544 ext. 254