Parkit Closes Private Placement
Vancouver, B.C., June 06, 2014 - Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSX-V: PKT) – Parkit Enterprise Inc. ("Parkit" or the "Company") (TSX VENTURE:PKT) is pleased to announce that it has closed the private placement financing announced on May 30, 2014 by issuing 3,213,892 units at a price of $0.45 per unit ("Unit") for total proceeds of $1,446,251. The financing was oversubscribed.
Each Unit consists of one common share and one half-share purchase Warrant, each whole Warrant entitling the holder to purchase one common share for the price of $0.60 per share for a period of 24 months following the date of issuance. The Warrants will be subject to an acceleration provision such that if the closing price of the Company's shares is equal or greater to $1.00 per share for 20 consecutive trading days at any time following four months after issuance, the Company may, by notice to the Warrant holders, reduce the remaining exercise period of the Warrants to not less than 30 days following the date of such notice.
No finder's fees were paid in connection with the private placement.
The securities issued are subject to a regulatory four-month hold period expiring October 7, 2014, in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.
Proceeds will be used to pay down short term loans, and for general working capital.
ON BEHALF OF THE BOARD
President and CEO
Parkit Enterprise Inc. is a listed private equity real estate company that acquires and aggregates income-producing real estate in the parking sector.
Tel. (604) 424-8701
Parkit Enterprise Inc.
Suite 1088 – 999 West Hastings Street
Vancouver, British Columbia
Canada V6C 2W2
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.