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VANCOUVER, British Columbia, Nov. 21, 2016 (GLOBE NEWSWIRE) -- Glance Technologies Inc. (CSE:GET.CN) (FKT:GJT) ("Glance" or the "Company") is pleased to announce that it has appointed Echelon Wealth Partners Inc. (“Echelon” or the "Agent") as sole agent to undertake a brokered private placement financing, on a commercially reasonable efforts basis, for up to 16,666,667 units (each, a "Unit") at a price of $0.18 per Unit for gross proceeds to the Company of up to $3,000,000 with no minimum amount (the "Offering").
Each Unit will consist of one common share of Glance (a “Share”) and one-half of one non-transferable Share purchase warrant. Each whole warrant shall entitle the holder to purchase one additional Share at a per Share price of $0.33 for a period of 24 months from closing of the Offering.
The Offering is scheduled to close on or about November 30, 2016 (the "Closing Date"). Any additional closing of the Offering shall occur at such other time and date as the Agent and the Company mutually select, from time to time, after the Closing Date and shall constitute a part of the Offering. All securities issued will be subject to a hold period of four months and one day from the date of closing of the Offering in accordance with applicable securities legislation.
Glance has also granted Echelon an option (the "Agent's Over-Allotment Option") to increase the size of the Offering, by up to an additional 15% of the total number of Units issued under the Offering, for a period of 30 days after and including the Closing Date. If the Agent's Option is exercised, the total gross proceeds raised under the Offering will be $3,450,000. The gross proceeds raised from issuance of the Units will be used by Glance to fund the continued expansion of its Glance Pay app and for general corporate working capital purposes.
Glance will make the Offering available to subscribers under a number of available prospectus exemptions, including the accredited investor exemption, and will make the Offering available to all existing shareholders of Glance who, as of the close of business on November 18, 2016, held Shares (and who continue to hold such Shares as of the closing date), pursuant to the prospectus exemption set out in BC Instrument 45-534 - Exemption from prospectus requirement for certain trades to existing security holders and in similar instruments in other jurisdictions in Canada (the “Existing Shareholder Exemption”). The Existing Shareholder Exemption limits a shareholder to a maximum investment of $15,000 in a 12-month period unless the shareholder has obtained advice regarding the suitability of the investment and, if the shareholder is resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as an investment dealer in the jurisdiction. If Glance receives subscriptions from investors relying on the Existing Shareholder Exemption exceeding the maximum amount under the Offering, Glance may adjust the subscriptions received on a pro-rata basis.
This press release does not constitute an offer to sell or a solicitation of an offer to buy securities in the United States. The securities referenced herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold in the United States except in compliance with one or more exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws.
About Glance Technologies Inc.
Glance Technologies owns and operates Glance Pay, a streamlined payment system that allows customers to pay their restaurant bill instantly with their mobile device. Glance Pay aims to revolutionize how smartphone users choose where to dine, settle their restaurant bills, access their payment records and interact with their favourite restaurants. Glance Pay intends to become the industry standard as one of the four pillars in restaurant payments, beside credit cards, debit cards and cash. Glance is building a valuable network of restaurants and consumers, to which it plans to expand its service offering over time. For more information about Glance, please go to www.glance.tech .
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Specifically, there can be no assurance that any Units will be sold under the Offering or that the Offering will close.
Although Glance believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements.
For more information, contact: Christina Rao Vice President, Investor Relations (604) 723-7480 christina@GlancePay.com or Penny Green President & Chief Operating Officer penny@GlancePay.com
