Proud of the opportunity to both invest in and join the Subscribe Technologies team, with a strong collective vision and intention to build something special here, in the best interests of all. Check out the full release below, and stay tuned for more to come from this company in the days, weeks, and months to come..
SUBSCRIBE TECHNOLOGIES INC. CLOSES $500,000 PRIVATE PLACEMENT FINANCING
Vancouver, British Columbia, Canada – January 9, 2018 – Subscribe Technologies Inc. is pleased to announce that, further to the Company’s news releases of November 9, 2017 and November 30, 2017, the Company has closed its private placement financing for gross proceeds of up to $500,000 and issued 10 million units of its securities at a price of 5 cents per unit.
The Company paid cash finder’s fees totaling $31,200 and issued 624,000 finder’s warrants in connection with the private placement. All securities issued are subject to a statutory hold period expiring on May 10, 2018. The Company intends to use the proceeds of the financing as follows: research and development ($150,000); sales and marketing ($100,000); general administration expenditures and working capital ($200,000); and unallocated cash ($50,000). Note that all of these amounts are approximate. Although the Company intends to use the proceeds of the Offering as described above, the actual allocation of net proceeds may vary from the uses set forth above, depending on future operations or unforeseen events or opportunities.
The Company also announces it has retained Mr. Chad McMillan as a Strategic Advisor. Mr. McMillan is a dynamic, high impact minded start up and corporate turnaround focused venture capitalist and merchant banker, with over 14 years experience managing Canadian public companies in nearly every executive capacity. He has personally led or been involved in numerous multi-million dollar financing, merger, and/or acquisition transactions, across the resource, life sciences, technology, and entertainment industries, his most recent notable public work as a co-founder and Senior Strategic Advisor to emerging augmented reality and digital entertainment company Imagination Park Entertainment Inc. (cse: IP, otcqb: IPNFF, frankfurt: GMS1). The Company welcomes Mr. McMillan to the Subscribe team, and looks forward to his future ideas and contributions.
About Subscribe Technologies Inc.
Subscribe Technologies Inc. develops and acquires Software-as-a-Service (SaaS) businesses and in turn operates, manages and markets the service. Subscribe Technologies' flagship product is bContact.com, a cloud based SaaS business offering small and medium sized companies access to a fully integrated set of business management tools.
For more information, please contact: T: (778) 775-7297
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of Subscribe Technologies Inc. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The CSE has not reviewed, approved or disapproved the content of this press release.