LAVAL,
QC, Sept. 4, 2024 /CNW/ - Geekco
Technologies Corporation (the "Corporation" or
"Geekco") (TSXV: GKO) (OTCQB: GKOTF) is pleased to announce
that it has closed today the first tranche of its non-brokered
private placement (the "Private Placement") announced on
August 19, 2024. Under the first
tranche of the Private Placement, the Corporation issued 5,000,000
units ("Units") at a price of $0.05 per Unit for aggregate gross proceeds of
$250,000 out of a maximum of
$700,000 (or 14,00,000 Units). 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 $0.08 until three (3) years from their issuance
date.
The Corporation intends to use the net proceeds from the Private
Placement for general and working capital purposes.
No finder's fees were paid in connection with the first tranche
of the Private Placement. 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 final approval of the TSX
Venture Exchange (the "TSXV") and any other applicable
regulatory approvals.
Under the Private Placement, André Godin, Chairman of the Board
of the Corporation, subscribed directly to 500,000 Units for gross
proceeds of $25,000. His previous
shareholding on an undiluted and basis was at 2.07% (4.68% on a
partly diluted basis) (increases to 2.68% on an undiluted basis and
to 5.78% on a partly diluted basis, after closing of the Private
Placement). Also, Michel Timperio,
Director of the Corporation, subscribed directly to 400,000 Units
for gross proceeds of $20,000. His
previous shareholding on an undiluted was at 0.71% (1.97% on a
partly diluted basis) (increases to 1.27% on an undiluted basis and
to 3.01% on a partly diluted basis, after closing of the Private
Placement). Furthermore, Henri
Harland, owner of more than 10% of the Corporation's
securities, subscribed indirectly, through Gestion Harland Inc., to
1 100 000 Units for gross proceeds of 55,000$. Directly
and indirectly, his previous aggregate shareholding on an undiluted
was at 23.62% (27.02% on a partly diluted basis) (changes to 23.49%
on an undiluted basis and to 27.81% on a partly diluted basis,
after closing of the Private Placement). Such transactions are
"related party transactions" as defined under Multilateral
Instrument ("MI 61-101") and are exempt from the formal
valuation and minority shareholder approval requirements of MI
61-101 as the Corporation is listed on the TSXV 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
Private Placement, as the details of this insider's participation
had not been confirmed at that time. The board members of the
Corporation unanimously, but excluding André Godin and Michel Timperio, reviewed the state of
the financial market and 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 have
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 merchants interact like never before. Its Tell
Me application allows users to discover the businesses near them in
real time. They are just one click away from accessing exclusive
incentives offered by merchants and just one click away from
finding a job. 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