Snipp closes second tranche of $875,000 placement
2014-01-29 09:10 ET – News Release
Mr. Jaisun Garcha reports
SNIPP INTERACTIVE INC. ANNOUNCES CLOSING OF AN OVERSUBSCRIBED SECOND TRANCHE OF NON-BROKERED PRIVATE PLACEMENT WITH INSIDER PARTICIPATION
Snipp Interactive Inc. has closed its second tranche of its non-brokered private placement financing.
The total financing comprised 8.75 million units at a price of 10 cents per unit for gross proceeds of $875,000. Each unit consists of one common share and one-half share purchase warrant, with each whole warrant entitling the holder to purchase one share at an exercise price of 15 cents for a period of two years from the date of distribution. As previously announced on Dec. 9, 2013, the first tranche of this financing closed and comprised 2.4 million units. Snipp paid finders’ fees of $19,200 for the first tranche in cash. The second tranche closed on Jan. 24, 2014, and comprised 6.35 million units. Snipp paid finders’ fees of $40,000 for the second tranche in cash.
Snipp initially announced the total financing to comprise up to three million units on Dec. 9, 2013, and then announced an increase of up to five million units for the total financing on Dec. 30, 2013, due to greater than expected demand. On Jan. 13, 2014, Snipp announced a further increase of up to 8.75 million units for the total financing due to additional subscriptions from investors and insiders.
The proceeds of the financing will be used for a variety of purposes including furthering Snipp’s sales efforts in the promotion marketing industry, continuing to build out its stable of mobile solutions, exploring various acquisition opportunities and strengthening its investor relations efforts.
We seek Safe Harbor.