Lark Investments Inc.

May 22, 2017 18:11 ET

Lark Investments Inc. announces investment in Snipp Interactive Inc.

TORONTO, ONTARIO--(Marketwired - May 22, 2017) - Lark Investments Inc. ("Lark Investments") announced today that it acquired ownership and control of 4,000,000 common shares of Snipp Interactive Inc. ("Snipp") pursuant to a private placement, representing approximately 2.73% of Snipp's issued and outstanding common shares. Lark Investments acquired the common shares at a price of $0.10 per share for an aggregate purchase price of $400,000. Following the acquisition, Lark Investments has beneficial ownership and control over 27,152,060 common shares of Snipp, representing approximately 18.51% of Snipp's issued and outstanding common shares after giving effect to an aggregate of 14,165,000 common shares issued by Snipp pursuant to the private placement.

In addition, Lark Investments has subscribed for an additional 21,000,000 common shares of Snipp, subject to Snipp obtaining shareholder approval for such issuance. If such common shares are issued, Lark Investments would have beneficial ownership and control of an aggregate of 48,152,060 common shares of Snipp representing approximately 28.71% of Snipp's issued and outstanding common shares assuming that no additional common shares of Snipp have been issued.

Lark Investments continues to be an insider of Snipp and retains, 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