Glance Technologies Inc. (CSE: GET) (CSE: GET.CN) (CNSX: GET) (OTCQB: GLNNF) (FRANKFURT: GJT) (the “Company“) has today entered into an agreement with Echelon Wealth Partners and PI Financial Corp., (collectively the “Underwriters“) pursuant to which the Underwriters have agreed to purchase on a bought deal basis 3,350,000 units of the Company (the “Units“) at a price of C$3.00 per Unit, representing total gross proceeds of $10,050,000 (the “Offering“). Each Unit consists of one common share (“Unit Share“) and one unit purchase warrant (“Unit Warrant“). Each Unit Purchase Warrant is exercisable into one unit (“Subsequent Unit“) at a price of $3.84 per Subsequent Unit, for a period of 12 months following the Closing Date of the Offering. Each Subsequent Unit consists of one common share (“Subsequent Unit Share“) and one common share purchase warrant (“Share Warrant“) exercisable at $5.00 per common share (“Common Share“), for a period of 24 months following the Closing Date of the Offering. Both the Unit Warrants and the Share Warrants will be transferable. Management and insiders will be participating for up to approximately $2 million of the Units on the same terms and conditions as the Offering.
The Company has agreed to grant the Underwriters an over-allotment option to purchase up to an additional 15% of the Units at the Issue Price at any time and from time to time on or prior to the date that is 30 days following the closing of the Offering. The Over-Allotment Option may be exercised in whole or in part to purchase Shares, Warrants or Units as determined by the Co-lead Underwriters upon written notice to the Company at any time up to 30 days following the Closing Date. If this option is exercised in full, an additional $1,507,500 in gross proceeds will be raised pursuant to the Offering, for aggregate gross proceeds of $11,557,500.
The Units will be offered by way of a short form prospectus to be filed in B.C., Alberta and Ontario, and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and such other jurisdictions as may be agreed upon by the Company and the Underwriters.
The Company intends to use the net proceeds from the Offering for general corporate purposes, to fund growth and to provide for possible future acquisitions. The Offering is expected to close on or about December 20th, 2017 (or such other date as the Underwriter and the Company may agree) and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Canadian Securities Exchange and the applicable securities regulatory authorities.
This press 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 state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
About Glance Technologies Inc.
Glance Technologies owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to dine, order goods and services, make payments, access digital receipts, redeem digital deals, earn great rewards & interact with merchants. Glance is building a valuable network of merchants and consumers, and offers targeted in-app marketing, geo targeted digital coupons, social media marketing, customer feedback, in-merchant messaging and custom rewards programs. The Glance Pay mobile payment system consists of proprietary technology, which includes user apps available for free downloads in IOS (Apple) and Android formats, merchant manager apps, a large scale technology hosting environment with sophisticated anti-fraud technology and lightning fast payment processing.
Glance Pay has entered into significant licensing agreements to access the cannabis, fitness and wellness, foreign student and tourist markets through Cannapay Financial Inc., Active Pay Distribution Inc. and Euro Asia Pay Holdings Inc. Glance Pay is building a network of international advisors and developing a cryptocurrency which will offer reward elements for use on its platform.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.