Parkit Closes First Tranche Of Private Placement
Vancouver, B.C., March 21, 2014 - Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSX-V: PKT) – is pleased to announce that further to its news release dated March 10, 2014, the Company has received TSX Venture Exchange approval to closing the first tranche of its private placement. The Company has raised an aggregate $1,329,525 through issuance of 4,431,550 units at a price of $0.30 per unit (“Unit”) in the first tranche closing.
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 $0.50 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 $0.95 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.
Finder’s fees of $21,837.90 and 72,779 broker warrants were paid in connection with the first tranche closing of the private placement.
The securities issued in relation to the first tranche closing are subject to a regulatory four-month hold period expiring July 20, 2014, in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.
Proceeds from the private placement will be used to establish a parking acquisition fund (the “Fund”) and finance Company infrastructure growth. Parkit is launching a Fund Limited Partnership Offering, the proceeds of which will be used to acquire an identified portfolio consisting of seven properties with an asset value of $85 million. The properties are diversified by type and located in four states across the U.S.
Parkit Enterprise Inc. is a listed private equity real estate company, which acquires and aggregates income-producing real estate in the parking sector. www.parkitenterprise.com & www.canopyairportparking.com
ON BEHALF OF THE BOARD
CFO & Director, Parkit Enterprise Inc.
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 his-torical, 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. Specifically, no assurance can be given that the Fund Limited Partnerhip Offering will be closed on the basis as outlined above, or at all.