Peak Closes First Round of Secured Convertible Debenture
13 Marzo 2014 - 1:30PM
Marketwired
Peak Closes First Round of Secured Convertible Debenture
MONTREAL, QUEBEC--(Marketwired - Mar 13, 2014) - Peak
Positioning Technologies Inc. (TSX-VENTURE:PKK) ("Peak" or the
"Company") today announced that it has closed a first round
totalling CAD$569,796 (the "Financing") of the CAD$1 million
private placement of secured convertible debenture (the
"Debentures") announced on February 10, 2014. The Debentures pay an
annual interest rate of 10%, mature 24 months from the date of
their issuance, are secured by the aggregate assets of the Company,
and allow their subscribers to convert them into Common Shares of
Peak at any time prior to maturity, subject to certain terms and
conditions, at a price of CAD$0.05 per Common Share during the
12-month period immediately following their issuance and CAD$0.10
per Common Share thereafter until their maturity date. Any Common
Shares issued pursuant to the exercise of the conversion right of
the Debentures will be subject to a hold period expiring four (4)
months and one day from the date of their issuance.
The Financing is the first round in the private placement of a
now revised amount of up to CAD$2 million in Debentures, which Peak
intends to close on or about March 31, 2014.
Pursuant to Policy 5.9 of the TSXV and Multilateral Instrument
61-101 Respecting protection of minority security holders in
special transactions ("MI 61-101"), the Financing constitutes a
"related party transaction" as certain directors and officers of
Peak (the "Related Parties") subscribed to the Debentures. In
reviewing the applicable valuation requirements under MI 61-101,
Peak has determined that the exemption set out in subsection 5.5
(a) of MI 61-101 is applicable since the aggregate consideration to
be paid by the Related Parties does not exceed 25% of the market
capitalization of Peak at the date hereof. In addition, subsection
5.7(a) provides that a transaction meeting such criteria is also
exempt from the minority shareholder approval requirement. The
board of directors of Peak has unanimously approved the Financing.
Peak has not filed a material change report 21 days prior to the
closing of the Financing as participation of insiders had not been
established at that time.
No finder's fee or commission was paid in connection with the
Financing, and Peak intends to use its proceeds for general working
capital purposes.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. (TSX-VENTURE:PKK), is a
Canadian software developer for mobile smart devices, and
application provider to mobile network operators (MNO) worldwide.
In association with its partner, LongKey-Hong Kong Ltd, the company
has developed the AiNi™ Mobile Cloud platform. AiNi™ is an enhanced
version of the mobile smart device O/S equally designed for the
benefit of consumers and MNOs, and marketed to MNOs as a solution
to increase and maintain their mobile subscriber bases. AiNi™ comes
with a suite of standard applications and features and offers MNOs
the possibility to have additional custom applications and features
developed and integrated to the platform. For more information:
http://www.peakpositioning.com
Neither the TSX Venture Exchange, Inc. nor its Regulation
Service Provider (as that term is defined under the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of the contents of this press release.
Jeanny SoDirector of OperationsCHF Investor RelationsPhone:
416-868-1079 ext.: 225Email: jeanny@chfir.comJohnson
JosephPresident and CEOPeak Positioning Technologies Inc.Phone:
514-340-7775 ext.: 501Email: investors@peakpositioning.com
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