SOURCE: Peeks Social Ltd.

Peeks Social Ltd.

May 01, 2017 08:00 ET

Peeks Social Ltd. Announces Closing of Private Placement

TORONTO, ON--(Marketwired - May 01, 2017) - Peeks Social Ltd. (TSX VENTURE: PEEK) (OTCQB: KEEKF) announced today that further to its press releases dated April 13, 2017, and April 27, 2017, it has closed the second and final tranche of its non-brokered private placement. The Company issued an aggregate of 7,200,000 units at a price of $0.90 per unit, including 500,000 units issued to Mark Itwaru, the CEO of the Company, for total gross proceeds from this private placement of $6,480,000.

Each unit consists of one common share and one common share purchase warrant of the Company. Each warrant is exercisable to purchase one additional common share of the Company at an exercise price of $1.10 per share for a period of 12 months from the date of issuance. The common shares and warrants will be subject to a four month hold period. The private placement is subject to the Company obtaining final acceptance from the TSX Venture Exchange upon the filing of required materials in due course. The Company paid aggregate finder's fees of $58,320 to eligible arm's length parties in connection with this private placement.

The private placement proceeds will be used by the Company for the marketing and advancement of the "Peeks" product, as well as for general corporate purposes.

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

Contact Information

  • For further information, please contact:
    Peeks Social Ltd.
    Mark Itwaru
    Chairman & Chief Executive Officer