|By Marketwired .||
|February 10, 2014 01:28 PM EST||
MONTREAL, QUEBEC -- (Marketwired) -- 02/10/14 -- Peak Positioning Technologies Inc. ("Peak" or the "Company") (TSX VENTURE: PKK) announces a non-brokered private placement offering of secured convertible debentures (the "Debentures") for a total amount of up to CAD$1 million (the "Offering"). The Debentures will pay an annual interest rate of 10%, will mature 24 months from the date of their issuance, will be secured by the aggregate assets of the Company, and will allow their subscribers to convert them into Common Shares of Peak at any time prior to maturity, subject to certain terms and conditions, at a price of CAD$0.05 per Common Share during the 12-month period immediately following their issuance and CAD$0.10 per Common Share thereafter until their maturity date.
Peak intends to use the proceeds of the Offering for general working capital purposes.
Certain insiders of the Company are expected to subscribe to the Offering. Peak is aiming to close the Offering in two tranches, with the first tranche to close on or about February 28, 2014 and the second tranche to close on or about March 14, 2014.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. (TSX VENTURE: PKK), is a Canadian software developer for mobile smart devices, and application provider to mobile network operators (MNO) worldwide. In association with its partner, LongKey-Hong Kong Ltd, the company has developed the AiNi Mobile Cloud platform. AiNi is an enhanced version of the mobile smart device O/S equally designed for the benefit of consumers and MNOs, and marketed to MNOs as a solution to increase and maintain their mobile subscriber bases. AiNi comes with a suite of standard applications and features and offers MNOs the possibility to have additional custom applications and features developed and integrated to the platform. For more information: http://www.peakpositioning.com
Neither the TSX Venture Exchange, Inc. nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the contents of this press release.
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