Subscribe Technologies Inc. (the “Company”) (CSE: SAAS) (Frankfurt: 6GQ) (OTCPK: SRBBF) is pleased to announce that the Company has closed a non-brokered private placement of up to 7,500,000 units at price of $0.08 per unit, for gross proceeds of $600,000. Each unit will consist of one common share and one transferable common share purchase warrant, each warrant entitling the holder to acquire one additional common share of the Company at a price of $0.14 per common share for a period of three years from the date of closing.
The Company paid a finder’s fee of 8% cash to Leede Jones Gable Inc. All Shares issued pursuant to the private placement are subject to a four month hold period in Canada. The net proceeds of the private placement will be used for general working capital.
With this financing the Company welcomes a new, predominantly US based investment network as shareholders, who collectively possess significant experience working with and investing in public micro cap, software as a service, and technology focused companies.
President and CEO Paul Dickson states, “This strategic financing welcomes a group who recognize the potential to scale a world class SaaS based technology company with the powerful leverage of a public vehicle. With their collaboration and support, we look forward to taking our Subscribe suite of small business app solutions to the next level.”