Subscribe Technologies Announces Closing of $0.03 Financing; New CFO; Grant of Options
Vancouver, British Columbia (FSCwire) - Subscribe Technologies Inc. (CSE: SYC) (the “Company”), formerly Surrey Capital Corp., is pleased to report that further to the Company’s news releases of November 2, 2016, November 16, 2016, November 28, 2016, and December 13, 2016, the Company has closed its $0.03 non-brokered private placement. The Company issued 3,200,000 common shares for gross proceeds of $96,000. A finder’s fee of $6,000 and 200,000 share purchase warrants (“Finder’s Warrants”) was paid in connection with the private placement. Each Finder’s Warrant entitles the holder to purchase a common share at a price of $0.10 per share on or before December 29, 2021, subject to an accelerated expiry provision. The shares issued pursuant to the private placement and any shares to be issued on the exercise of the Finder’s Warrants are restricted from trading until April 30, 2017. The proceeds raised will be used for general corporate purposes.
The Company is pleased to announce that Christopher P. Cherry, CPA, CA, CGA, has been appointed as CFO. Mr. Cherry has extensive corporate experience and has held senior level positions for several public mining companies including director, CFO, and Corporate Secretary. Mr. Cherry has been a Chartered Accountant since February 2009 and a Certified General Accountant since 2004. The Company clarifies that the purported appointment of Ward Munsie as CFO as announced in the Company’s December 16, 2016 news release did not occur.
The Company further announces the grant of a total of 1,950,000 stock options to directors, officers and consultants of the Company, exercisable at $0.065 per share, for a five-year term.
On behalf of the Board of Directors,
Subscribe Technologies Inc.
Paul Dickson, CEO
For more information, please contact:
T: (778) 775-7297
This press release may contain “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein may be forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans” “expects” or “does not expect”, “proposed”, “is expected”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information in respect of the Company reflects the Company’s as the case may be, current beliefs and is based on information currently available to the Company and on assumptions the Company as the case may be, believes are reasonable.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release represent the expectations of the Company as of the date of this press release and, accordingly, are subject to change after such date. However, the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
Neither Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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Source: Subscribe Technologies Inc. (CSE:SYC)
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