VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 5, 2014) - Parkit Enterprise Inc. ("Parkit" or the "Company") (TSX VENTURE:PKT) is pleased to announce that further to its news release dated March 21, 2014, the Company has closed its financing with a further $1,005,700 or 3,352,333 units at a price of $0.30 per unit ("Unit") in the second tranche for an aggregate amount of $2,335,225 between its first and second closings.
Each Unit consists of one common share and one half-share purchase Warrant, each whole Warrant entitling the holder to purchase one common share for the price of $0.50 per share for a period of 24 months following the date of issuance. The Warrants will be subject to an acceleration provision such that if the closing price of the Company's shares is equal or greater to $0.95 per share for 20 consecutive trading days at any time following four months after issuance, the Company may, by notice to the Warrant holders, reduce the remaining exercise period of the Warrants to not less than 30 days following the date of such notice.
Finder's fees of $8,400 cash, 28,000 broker warrants at $0.50, and 14,700 common shares were paid in connection with the second tranche closing of the private placement.
The securities issued in relation to the second tranche closing are subject to a regulatory four-month hold period expiring September 3, 2014, in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.
Use of proceeds is for the parking acquisition fund (the "Fund") and Company infrastructure growth. The Fund has contracted to acquire its first US$18,500,000 off-airport parking facility (see news dated April 7, 2014).
An additional six assets will form part of the first-close portfolio identified for acquisition by the Fund. Parkit will earn fee income and a carried equity interest in the assets as co-general partner.
ON BEHALF OF THE BOARD
Rick Baxter, President and CEO
Parkit Enterprise Inc. is a listed private equity real estate company that acquires and aggregates income-producing real estate in the parking sector.
www.parkitenterprise.com & www.canopyairportparking.com
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 or accuracy of this news release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.