Peak Positioning Technologies Inc.

Peak Positioning Technologies Inc.

December 13, 2011 16:16 ET

Peak Positioning Announces Closing of a Brokered Private Placement

MONTREAL, QUEBEC--(Marketwire - Dec. 13, 2011) - Peak Positioning Technologies Inc., (TSX VENTURE:PKK) ("Peak" or the "Corporation"), is pleased to announce today the closing of the brokered private placement initially announced in the Corporation's September 26, 2011 news release, with Avenue Capital Markets Inc. (the "Agent") of 9,180,000 units (the "Units") to various investors at a price of $0.10 per Unit for gross proceeds of $918,000 (the "Private Placement"). Each Unit is composed of one common share and one half share purchase warrant with each warrant exercisable for one common share at a price of $0.15 per share until December 13, 2013.

The Agent has received a cash commission equal to 10% of the gross proceeds of the Private Placement and has also received non-transferable warrants to purchase up to 10% of the total number of Units sold through the Private Placement at a price of $0.10 per unit for a period of 24 months from closing.

All securities issued pursuant to the Private Placement are subject to a four month hold period.

The funds raised from the Private Placement will be used by Peak for general corporate purposes.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Peak Positioning Technologies Inc.
    Johnson Joseph
    President and CEO
    514-340-7775 ext.: 501
    514-340-2228 (FAX)

    CHF Investor Relations
    Anne Robert
    Account Manager
    514-510-6338 or Cell: 514-826-8121