Snipp Announces Increase in Non-Brokered Private Placement, Full Repayment of SVB Credit Facility and Expiry of 6MM Vendor Wa...
March 02 2018 - 7:00AM
TORONTO, March 02, 2018 (GLOBE NEWSWIRE) --
Snipp Interactive Inc. ("Snipp" or the “Company”) (OTCQB:SNIPF)
(TSX-V:SPN), a global provider of digital marketing promotions,
rebates and loyalty solutions, is pleased to announce that due to
additional investor interest, the Company has increased the size of
the non-brokered private placement (the “Financing”), previously
announced on February 28, 2018. The Financing will now be comprised
of up to 25,000,000 common shares ("Shares") at a price of CAD
$0.10 per Share, for gross proceeds of up to CAD $2.5
million.
Closing of the Financing will occur in tranches.
As previously announced on February 28, 2018, the first tranche of
the Financing (the "First Tranche") closed and was comprised of 8.5
million shares at a price of CAD $0.10 per Share for gross proceeds
of CAD$850,000.
All Shares issued pursuant to the Financing will
be subject to a four-month hold period under applicable securities
laws in Canada, as well as the policies of the TSX-V, where
applicable. Finder's fees may be payable to certain finders in
connection with the Financing, subject to the approval of the
TSX-V.
The net proceeds raised through the Financing
will be used for sales & marketing and general working capital
purposes.
The Company is also pleased to announce the full
repayment of the Silicon Valley Bank (SVB) credit facility and the
expiry of 6,188,688 vendor warrants that expired March
1st. The company now has no debt on its books.
About Snipp:
Snipp is a global loyalty and promotions company
with a singular focus: to develop disruptive engagement platforms
that generate insights and drive sales. Our solutions include
shopper marketing promotions, loyalty, rewards, rebates and data
analytics, all of which are seamlessly integrated to provide a
one-stop marketing technology platform. We also provide the
services and expertise to design, execute and promote client
programs. SnippCheck, our receipt processing engine, is the market
leader for receipt-based purchase validation; SnippLoyalty is the
only unified loyalty solution in the market for CPG brands. Snipp
has powered hundreds of programs for Fortune 1000 brands and
world-class agencies and partners.
Snipp is headquartered in Toronto, Canada with
offices across the United States, Canada, Ireland, Europe, and
India. The company is publicly listed on the OTCQB, of the OTC
market in the United States of America, and on the Toronto Stock
Venture Exchange (TSX) in Canada. Snipp was selected to the TSX
Venture 50®, an annual ranking of the strongest performing
companies on the TSX Venture Exchange, in 2015 and 2016. SNIPP IS
RANKED AMONGST THE TOP 500 FASTEST GROWING COMPANIES IN NORTH
AMERICA On Deloitte’s 2017 Technology Fast 500™ List, for the
second year in a row.
FOR FURTHER INFORMATION PLEASE CONTACT:
MKR Group, Inc.
Todd Kehrli / Mark Forney
snipp@mkr-group.com
Snipp Interactive Inc.
Jaisun Garcha
Chief Financial Officer
investors@snipp.com
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking
statements that involve risks and uncertainties, which may cause
actual results to differ materially from the statements made. When
used in this document, the words "may", "would", "could", "will",
"intend", "plan", "anticipate", "believe", "estimate", "expect" and
similar expressions are intended to identify forward-looking
statements. Such statements reflect our current views with respect
to future events and are subject to such risks and uncertainties.
Many factors could cause our actual results to differ materially
from the statements made, including those factors discussed in
filings made by us with the Canadian securities regulatory
authorities. Should one or more of these risks and uncertainties,
such as changes in demand for and prices for the products of the
company or the materials required to produce those products, labour
relations problems, currency and interest rate fluctuations,
increased competition and general economic and market factors,
occur or should assumptions underlying the forward looking
statements prove incorrect, actual results may vary materially from
those described herein as intended, planned, anticipated, or
expected. We do not intend and do not assume any obligation to
update these forward-looking statements, except as required by law.
The reader is cautioned not to put undue reliance on such
forward-looking statements.
Neither the 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.
Copyright Snipp Interactive Inc. All rights
reserved. All other trademarks and trade names are the property of
their respective owners.
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