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MONTREAL, QUEBEC--(Marketwire - Aug. 13, 2012) - Peak Positioning Technologies Inc. ("Peak") (TSX VENTURE:PKK) today announced that it has closed a first tranche in a non-brokered private placement and has issued 2,000,000 units for gross proceeds of $200,000. Each unit ("Unit") consists of one (1) common share and one half (1/2) of one common share purchase warrant. Each common share purchase warrant entitles its holder to purchase one common share of Peak, at the price of $0.15, for a 12 month period following the closing date. The private placement consists in the offering of a maximum of 10,000,000 Units priced at $0.10 each, for maximum proceeds of CDN$1,000,000 (the "Offering"). The second tranche is expected to close on or around August 30, 2012. The securities issued pursuant to the Offering are subject to a hold period expiring four (4) months and one day from the date of closing. Peak intends to use the proceeds for general working capital purposes. |
