LiteLink subsidiary uBUCK to launch non-brokered private placement to raise up to US$4M
LiteLink Technologies Inc (CSE:LLT) (OTCMKTS:LLNKF) announced Monday that its wholly-owned subsidiary uBUCK Technologies SEZC will launch a non-brokered private placement to raise aggregate gross proceeds of up to US$4 million.
The company will offer up to 8 million preferred shares at a price of US$0.50 per share, according to a statement.
uBUCK, based in the Cayman Islands, intends to use the proceeds to complete the development of the uBUCK and Streambucks peer-to-peer digital wallets, accelerate growth and increase customer acquisitions.
The closing of the initial tranche of $400,000 of the offering is scheduled to occur on or about September 30.
READ: uBUCK Technologies’ hot e-sports digital wallet Streambucks integrated with Datable Technology
Under the terms of the offering, uBUCK expects an initial investment of US$1.5 million will be made in exchange for 3 million preferred shares at a price of US$0.50 per share by June 30, 2020.
Following the first milestone installment of US$1.5 million, the investor will have the option, until September 30, 2021, to invest an additional US$2.5 million for a total of 8 million preferred shares at a price of $0.50 per share.
Non-dilutive for LiteLink shareholders
The private placement is a non-dilutive transaction for LiteLink shareholders. The transaction will be subject to all necessary regulatory approvals and may close in one or more tranches. The first tranche is expected to close on or about September 30.
The initial investment of US$1.5 million would give the investor a 6% ownership in uBUCK, and an additional US$2.5 million investment would result in a 16% ownership of uBUCK.
The preferred shares come with first rights to dividends of 6% (of the amount invested) and first claims to assets up to the investment in case of liquidation.
LiteLink Technologies, based in Burnaby, British Columbia, develops enterprise platforms that use artificial intelligence, blockchain, and predictive analytics to solve outdated technology problems in the logistics and digital payment industries.
Contact the author: [email protected]
Follow him on Twitter @PatrickMGraham
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/903246/litelink-subsidiary-ubuck-to-launch-non-brokered-private-placement-to-raise-up-to-us4m-903246.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).