Peeks Social closes $3M 1st tranche financing

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By CPE News

Toronto (pcJ News Briefs) – Peeks Social Ltd. (TSX-V: PEEK; OTCQB: KEEKF) has completed its first tranche of its proposed $5.4 million non-brokered private placement, issuing 3,338,498 units at a price of $0.90 per unit for gross proceeds of $3,004,650.

Mark Itwaru, Chairman & CEO, purchased 555,555 units for $500,000. A second closing is expected to be completed by April 28, 2017

Each unit consists of one common share and one common share purchase warrant exercisable to purchase one additional common share at an exercise price of $1.10 per share for a period of 12 months from the date of issuance.. The common shares and warrants will be subject to a four month hold period.

Proceeds will be used for the marketing and advancement of the “Peeks” product, as well as for general corporate purposes.

Peeks Social’s principal activity is the development of social media products and services for use by consumers and businesses, with a focus on mobile (iOS and Android) products.

Formerly known as Keek Inc., the company changed its name to Peeks following the trademark infringement settlement with Kik Interactive Inc.

photo credit: Peeks Socila