Not for distribution to United States newswire services or for dissemination in the United States.
Calgary, Alberta – September 6, 2017 - Trakopolis IoT Corp. ("Trakopolis" or the "Company") (TSX VENTURE: TRAK) is pleased to announce that it has completed its previously announced brokered private placement (the "Offering"), selling an aggregate of 2,249,988 units at a price of $0.90 per Unit (the "Units") raising gross proceeds to the Company of approximately $2,025,000. The Offering was led by Canaccord Genuity Corp. (“Canaccord”), on behalf of a syndicate of agents including Haywood Securities Inc. and Echelon Wealth Partners Inc.
Each Unit consists of one common share (a “Common Share”) and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each Warrant is exercisable for one Common Share for a period of two years from the closing date of the Offering at an exercise price of $1.20 per Common Share.
The net proceeds of the Offering will be used for expansion, business development activities and general working capital and corporate purposes.
In connection with the Offering the Agents received a cash commission equal to 7.0% of the gross proceeds received by the Corporation from the Offering and agents’ warrants (the "Agents’ Warrants") equal to 7.0% of the Units sold pursuant to the Offering, other than with respect to subscribers identified to the Agents by the Corporation, where the cash commission and Agents’ Warrants were reduced to 3.5%, respectively, and certain subscription proceeds with respect to which no commission or Agents’ Warrants were applicable. Additionally, Canaccord received a cash fee equal to $35,500 and 19,444 Common Shares at Closing. Each Agent’s Warrant entitles the holder to acquire one additional Common Share at a price of $0.90 per Common Share for a period of 24 months from the closing date.
The Common Shares, Warrants and Agents’ Warrants issuable pursuant to the Offering are subject to a statutory four-month hold period which expires on January 7, 2018.
This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The securities will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.
Trakopolis is a Software as a Service (SaaS) company with proprietary, cloud-based solutions for real-time tracking, data analysis and management of corporate assets such as equipment, devices, vehicles and workers. The Company’s asset management platform works across a variety of networks and devices. Trakopolis has a diversified revenue stream from many verticals including oil and gas, forestry, transportation, construction, rentals, urban services, mining, government and others.
For further information please contact:
Brent Moore, President and Chief Executive Officer
Trakopolis IoT Corp.
Telephone: (403) 450-7854
Disclaimer for Forward-Looking Information
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of Trakopolis. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements in this press release include the anticipated use of proceeds of the Offering. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; a determination by the Company to use the proceeds in a manner different than disclosed herein; those additional risks set out in the Company’s public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither 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 release.