CALGARY, ALBERTA, / ACCESSWIRE / August 27, 2015 / NovaTeqni Corporation (NTQ.V) ("NovaTeqni or the "Corporation") announces that it has completed the second tranche of a non-brokered private placement of units (each, a "Unit"). NovaTeqni issued an aggregate of 117,000 Units at a price of $0.60 per Unit for gross proceeds of $70,200.00. Each Unit consists of one common share in the capital of NovaTeqni (a "Common Share") and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant may be exercised to acquire one Common Share at a price of $1.00 per share for a period of 12 months from the date of issuance of the Warrant provided, however, if the volume weighted average closing price of the Common Shares exceeds $1.25 per share for more than 10 consecutive trading days, NovaTeqni may accelerate the Warrant exercise period to a date which is 30 calendar days following the date a press release is issued by NovaTeqni announcing the reduced Warrant exercise period. All of the securities issued under the private placement are subject to a four month hold period.
In connection with the completion of the second tranche of the private placement, NovaTeqni paid $4,200.00 in finder's fees to eligible persons. NovaTeqni intends to use the aggregate net proceeds of the private placement for the development of new products and for general working capital purposes.
About Novateqni
NovTeqni is a technology based company that is focusing on biometrics and secure payment technologies. Using its management experience and developed intellectual property, NovaTeqni provides solutions and products for voter validation, voter registration, financial transactions and biometric solutions. Using the its platform of products, NovaTeqni can provide clients with custom solutions for their particular industry. NovaTeqni has corporate offices in Calgary, Alberta, sales offices in Norfolk, Virginia, development in Johannesburg, South Africa and manufacturing in Hong Kong.
For further information, please contact Gerhard Mynhardt, Chief Executive Officer of the Corporation, by email at info@novateqni.com.
Reader Advisory
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the proposed use of proceeds. The forward-looking statements and information are based on certain key expectations and assumptions made by the Corporation. Although the Corporation believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Corporation can give no assurance that they will prove to be correct.