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.