Montreal, Quebec--(Newsfile Corp. - April 15, 2015) - Peak Positioning Technologies Inc. (TSXV: PKK) (PINK SHEETS: PKKFF) ("Peak" or the "Company") today announced that it has submitted to the TSX Venture Exchange (the "TSXV") most of the material requested for review by the TSXV prior to providing its approval of Peak’s pending acquisition of LongKey Hong Kong Limited ("LongKey").
The material and information submitted by the Company today will undergo the official review process by the TSXV, while the remaining material to be provided, which includes LongKey’s audited IFRS financial statements, and legal opinions from the results of due diligence activities being performed by both the Company and Jones Gable and Company Ltd. ("JGCL"), becomes available for submission to the TSXV. The Company is aiming to have the outstanding material and information submitted to the TSXV by April 30, 2015.
Terms of Concurrent Private Placement Financing
One of the outstanding elements to obtaining final approval from the TSXV for the Company’s planned acquisition of LongKey is the concurrent closing to the acquisition of a private placement financing of a minimum of CAD$2,500,000 and a maximum of CAD$3,500,000 (the "Offering"). Originally announced in a news release on March 19, 2015, the Offering will consist of the sale of a minimum of 100,000,000 units and a maximum of 140,000,000 at $0.025 per unit for gross proceeds of a minimum of $2,500,000 and a maximum of $3,500,000. Each unit (a "Unit") of the Offering will consist of one (1) common share and one (1) one common share purchase warrant. Each common share purchase warrant will entitle its holder to purchase one common share of Peak, at a price of $0.04, for a period of twenty-four (24) months following the closing date.
The Offering is available to all Peak shareholders who were shareholders as of March 19, 2015. All those interested in participating in the Offering are invited to express their interest by contacting Mr. Jean-Francois Perrault, VP Corporate Finance at Jones Gable and Company Ltd. either by phone at: 514-288-2520 or by email at: jfperrault@jonesgable.com.
All funds collected as part of the Offering will be held in trust by JGCL until at least the minimum amount of the Offering has been reached and final approval is received from the TSXV by the Company to close the LongKey acquisition. In the event that the Company is unable to close the LongKey acquisition, for whatever reason, all funds collected as part of the Offering will be returned by JGCL to all who had subscribed to the Offering.
At the closing of the Offering, Peak will pay JGCL a cash commission fee equal to 10% of the gross proceeds of the Units sold under the Offering. Peak will also grant JGCL compensation options entitling JGCL to purchase a number of Units equal to 10% of the total number of Units sold under the Offering. Each compensation option granted to JGCL will be exercisable at the issue price of the Units for a twenty-four (24) month period following the closing date.
The Offering is subject to certain conditions including, but not limited to, the approval of the TSX Venture Exchange. All securities issued pursuant to the Offering will be subject to a four month and one day hold period from the date of closing of the Offering.
Amendment to Information Circular
Peak also today announced that it has filed an amendment to its Information Circular dated March 30, 2015. The amendment is now available on SEDAR at www.sedar.com.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. ("Peak"), (TSXV: PKK) (PINK SHEETS: PKKFF), is an IT portfolio management company whose mission is to assemble, finance and manage a portfolio of high-growth-potential companies and assets in some of the fastest growing tech sectors in China, including e-commerce, cloud-computing and mobile development. Peak provides its shareholders with the opportunity to participate in the fastest growing economic sectors of the world’s fastest growing economy, in partnership with some of the most reputable and high-profile institutions in those sectors. For more information: http://www.peakpositioning.com
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. 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 news release.
For more information:
Cathy Hume
CEO
CHF Investor Relations
Phone: 416-868-1079 ext.: 231
Email: cathy@chfir.com
Or
Carl Desjardins
Managing Partner
Paradox Public Relations Inc.
Phone: 514-341-0408
Email: carldesjardins@paradox-pr.ca
Or
Johnson Joseph
President and CEO
Peak Positioning Technologies Inc.
Phone: 514-340-7775 ext.: 501
Email: investors@peakpositioning.com
