LAVAL,
QC, Jan. 12, 2024 /CNW/ - Geekco
Technologies Corporation (the "Corporation" or
"Geekco") (TSXV: GKO); (OTCQB: GKOTF) is pleased to
announce a private placement for a gross proceeds maximum of
$700,000 (the "Private
Placement") by the issuance of a maximum of 20,000,000 units at
a price of $0.035 each (each a
"Unit"). Each Unit consists of one (1) Class A share of the
share capital of the Corporation (each a "Common Share") and
one (1) warrant (each a "Warrant"). Each Warrant entitles
the holder to acquire one (1) additional Common Share at a price of
$0.05 until three (3) years from
their issuance date.
The Corporation will use the maximum proceeds from the Private
Placement approximatively as follow: 5% for payments to non-arm's
length parties of the Corporation, 25% to various creditors and 70%
for the improvement of the working capital.
Any intermediary can receive a cash commission of up to 7% of
the aggregate gross proceeds of subscriptions for the placement
submitted by this intermediary; and a commission in the form of
intermediary warrants for an equivalent number of up to 7% of the
number of Units issued under the placement from subscriptions
submitted by this intermediary. Each intermediary warrant will have
the same terms as the Warrants included in the Units.
All securities issued within the Private Placement are subject
to a four-month and one-day resale restriction period from the
closing date of the Private Placement. The Private placement
is subject to the TSX Venture Exchange approval and any other
applicable regulatory approvals.
Multilateral Instrument
61-101
Under the Private Placement, André Godin, Chairman of the Board
of the Corporation, intends to subscribe directly to 857,142 Units
for a gross proceeds of $30,000. His
current shareholding on an undiluted and diluted basis is at 0.40%
(increases to 1.75% on an undiluted basis and to 3.19% on a partly
diluted basis, assuming the Private Placement closes for the
maximum gross proceeds). Such transaction is a "related party
transaction" as defined under Multilateral Instrument ("MI
61-101"). The transaction is exempt from the formal valuation
and minority shareholder approval requirements of MI 61-101 as the
Corporation is listed on the TSX Venture Exchange and the fair
market value of any security issued to, or the consideration paid,
does not exceed 25% of the Corporation's market capitalization. The
Corporation did not file a material change report pertaining to the
insider's interest more than 21 days before the closing of the
Offering, as the details of this insider's participation had not
been confirmed at that time. The board members of the Corporation,
excluding André Godin, reviewed the state of the financial market
and unanimously determined that the terms and conditions of the
Private Placement, including the subscription of the related party,
were fair and equitable and represented the best strategic
financing option available. In addition, neither the Corporation
nor the said related party has knowledge of any material
information concerning the Corporation or its securities that has
not been generally disclosed.
ABOUT GEEKCO
Geekco is positioned at the forefront of technological solutions
that are evolving the new way of doing marketing while stimulating
and energizing the economy of each city and each neighborhood by
making consumers and shops interact like never before. Its FlipNpik
application allows users to discover businesses around them in real
time using the interactive map, access exclusive rewards and even
find a job. Shops thus increase their traffic and their visibility
while recruiting their future employees. All this in the same
app.
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.
SOURCE Geekco Technologies inc