Montreal, Quebec--(Newsfile Corp. - June 15, 2016) - Pursuant to the non-brokered private placement of 199,000,000 units (the "Units") of Peak Positioning Technologies Inc. (the "Issuer") at a price of $0.02 per Unit completed on May 31, 2016 (the "Closing Date") for gross proceeds of $3,980,000 (the "Private Placement"), Messrs. Jiang Wang and Liang Qiu (the "New Insiders") have acquired direct ownership of 100,000,000 Units and 27,000,000 Units, respectively.
Each Unit consists of one common share in the share capital of the Issuer (a "Common Share") and one Common Share purchase warrant (a "Warrant") entitling the holder to acquire one Common Share at an exercise price of $0.05 until May 31, 2018.
Mr. Wang acquired direct ownership of 100,000,000 Units under the Private Placement, representing 25.27% of the Issuer's issued and outstanding Common Shares on an undiluted basis (and 40.34% on a partially diluted basis).
Mr. Qiu acquired direct ownership of 27,000,000 Units under the Private Placement, representing 6.82% of the Issuer's issued and outstanding Common Shares on an undiluted basis (and 12.77% on a partially diluted basis).
Prior to completion of the Private Placement, the New Insiders held no securities of the Issuer.
The Units were acquired by the New Insiders for investment purposes. Depending upon the circumstances, the New Insiders may, from time to time, acquire additional securities of the Issuer or dispose of all or a portion of the securities of the Issuer previously acquired. In connection with the Private Placement, the New Insiders have been nominated for election to the Issuer's board of directors. Votes in respect of the election of the New Insiders as directors of the Issuer will be cast at the Issuer's annual and special meeting of shareholders to be held on June 30, 2016.
Early warning reports of the New Insiders (the "Early Warning Reports") containing additional information with respect to the foregoing matters will be filed under the Issuer's SEDAR profile at www.sedar.com.
Further information or copies of the Early Warning Reports may be obtained by contacting:
Peak Positioning Technologies Inc.
550 Sherbrooke Street West
West Tower, Suite 250-A
Montreal, Quebec H3A 1B9|
Contact: Johnson Joseph, CEO