- Obtained a receipt for a preliminary short form prospectus dated March 11, 2021 from the securities regulatory authority in the province of Quebec in connection with a marketed public offering of units of the Company
- Aggregate gross proceeds of a minimum of $12,000,000 and a maximum of $15,000,000
- Offering is being led by Mackie Research Capital Corporation as lead agent and sole bookrunner on a ‘commercially reasonable efforts’ basis.
Montreal, Quebec–(March 12, 2021) – Peak Fintech Group Inc. (CSE: PKK) (OTCQX: PKKFF) (“Peak” or the “Company“), an innovative Fintech service provider to the Chinese commercial lending sector, today announced that is has obtained a receipt for a preliminary short form prospectus dated March 11, 2021 (the “Prospectus“) from the securities regulatory authority in the province of Quebec in connection with a marketed public offering (the “Offering“) of units of the Company (the “Units“) for aggregate gross proceeds of a minimum of $12,000,000 and a maximum of $15,000,000. The Offering is being led by Mackie Research Capital Corporation (the “Agent“) as lead agent and sole bookrunner on a ‘commercially reasonable efforts’ basis.
The net proceeds raised under the Offering will be used by the Company to help expand its services in China related to some recently announced partnerships, to expand its services to markets outside of China, as well as for working capital and general corporate purposes.
Each Unit shall be comprised of one common share of the Company (a “Unit Share“) and one half of one common share purchase warrant of the Company (a “Warrant“). Each whole Warrant will be exercisable into one common share of the Company (a “Warrant Share“) at an exercise price to be determined in the context of the market for a period of 24 months from the date of issuance thereof. The offering price of each Unit (the “Offering Price“), and the exercise price of each Warrant will be determined in the context of the market prior to the filing of the final short form prospectus in respect of the Offering.
The Company has granted the Agent an option (the “Over-Allotment Option“) to purchase such number of additional Units as is equal to 15% of number of Units sold pursuant to the maximum Offering at the Offering Price, which Over-Allotment Option will be exercisable at any time up to 48 hours prior to the Closing Date (as defined below).
The Offering is expected to close on March 22, 2021 or such other date or dates as may be determined by the Company and the Agent (the “Closing Date“) and is subject to certain conditions including, but not limited to the execution of an agency agreement in respect of the Offering and the receipt of all necessary regulatory approvals including the approval of the Canadian Securities Exchange (the “Exchange“) and the applicable securities regulatory authorities.
The Company has given notice to list the Unit Shares and the Warrant Shares (including the Unit Shares and Warrant Shares issuable upon exercise of the Over-Allotment Option) on the Exchange. Listing will be subject to the Company fulfilling all of the requirements of the Exchange. A copy of the Prospectus is available under the Company’s profile at www.sedar.com.
The Units are to be offered on a commercially reasonable efforts agency basis through the Agent by way of short form prospectus to be filed in the provinces of Quebec, British Columbia, Alberta and Ontario. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Source: https://agoracom.com/ir/PeakFintechGroup/forums/discussion/topics/757215-peak-announces-short-form-prospectus-public-offering/messages/2307879#message
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