Deal conducted in connection with the company’s qualifying transaction
By Devika Patel
Knoxville, Tenn., March 26 – Hit Technologies Inc. said it sold C$4.88 million of subscription receipts in a private placement. The deal is being conducted in connection with the company’s qualifying transaction and may have additional closings for up to C$10 million.
The company sold 8,131,266 subscription receipts at C$0.60 apiece. Each subscription receipt will be exchanged for one common share.
The deal is being conducted by lead agent Dundee Securities Ltd. and Mackie Research Capital Corp.
Proceeds will be used for human resources and staffing, marketing and general working purposes.
Based in Vancouver, B.C., the private company intends to merge with Friday Capital Inc., a Toronto capital pool company.
In the merger, Friday will acquire Hit Tech securities in a three-cornered amalgamation. Hit Tech will amalgamate with a subsidiary of Friday and each Hit shareholder of will receive one post-consolidation Friday capital share for every Hit share.
Hit designs protective cases, mounting systems and professional lenses for Apple Inc.'s iPhones.
| Issuer: | Hit Technologies Inc.
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| Issue: | Subscription receipts
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| Amount: | C$4,878,760 (minimum), C$10 million (maximum)
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| Receipts: | 8,131,266 (minimum)
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| Price: | C$0.60
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| Warrants: | No
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| Agents: | Dundee Securities Ltd. (lead) and Mackie Research Capital Corp.
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| Settlement date: | March 25 (for C$4,878,760)
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