Montreal, Quebec--(Newsfile Corp. - July 29, 2016) - Peak Positioning Technologies Inc. (CSE: PKK) (OTC Pink: PKKFF) (the "Issuer") wishes to supplement its news release of May 31, 2016 regarding its non-brokered private placement of 199,000,000 units (the "Units"), each consisting of one common share in the capital of the Issuer (a "Common Share") and one Common Share purchase warrant (a "Warrant"), at a price of $0.02 per Unit for gross proceeds of $3,980,000 (the "Private Placement"). One of the subscribers under the Private Placement, Mr. Jiang Wang, elected to subscribe as agent in connection with a portion of the Warrants to be issued under the Private Placement and instructed the Issuer, on closing of the first tranche of the Private Placement completed on May 31, 2016, to postpone the issuance of 68,000,000 of the Warrants until a later date.
On June 30, 2016, Mr. Wang instructed the Issuer to issue a portion of the above-noted Warrants to third parties and a portion to himself, as a second tranche closing of the Private Placement (the "Second Tranche"). As part of the Second Tranche, Messrs. Wang and Liang Qiu (the "Insiders") acquired direct ownership, as principals under those subscriptions, of 20,000,000 Warrants and 32,000,000 Warrants, respectively.
Each Warrant issued under the Second Tranche entitles the holder to acquire one Common Share at an exercise price of $0.05 until June 30, 2018.
Following the closing of the Second Tranche, the Issuer had a total of 406,434,164 Common Shares issued and outstanding.
Mr. Wang acquired direct ownership of 20,000,000 Warrants, representing 4.69% of the Issuer's issued and outstanding Common Shares on a partially diluted basis. Prior to the issuance of the Warrants, Mr. Wang was deemed to have direct ownership of 200,000,000 Common Shares (including securities convertible into 100,000,000 Common Shares), representing 40.34% of the Issuer's issued and outstanding Common Shares on a partially diluted basis. Following the issuance of the Warrants, Mr. Wang is deemed to have direct ownership of 220,000,000 Common Shares (including securities convertible into 120,000,000 Common Shares), representing 41.79% of the Issuer's issued and outstanding Common Shares on a partially diluted basis and a 1.45% increase to Mr. Wang's deemed securityholding percentage of Common Shares.
Mr. Qiu acquired direct ownership of 32,000,000 Warrants, representing 7.30% of the Issuer's issued and outstanding Common Shares on a partially diluted basis. Prior to the issuance of the Warrants, Mr. Qiu was deemed to have direct ownership of 54,000,000 Common Shares (including securities convertible into 27,000,000 Common Shares), representing 12.77% of the Issuer's issued and outstanding Common Shares on a partially diluted basis. Following the issuance of the Warrants, Mr. Qiu is deemed to have direct ownership of 86,000,000 Common Shares (including securities convertible into 59,000,000 Common Shares), representing 18.48% of the Issuer's issued and outstanding Common Shares on a partially diluted basis and a 5.71% increase to Mr. Qiu's deemed security holding percentage of Common Shares.
The Warrants were acquired by the Insiders for investment purposes. Depending upon the circumstances, the Insiders may, from time to time, acquire additional securities of the Issuer or dispose of all or a portion of the securities of the Issuer previously acquired.
Early warning reports of the Insiders (the "Early Warning Reports") containing additional information with respect to the foregoing matters will be filed under the Issuer's SEDAR profile at www.sedar.com.
Further information or copies of the Early Warning Reports may be obtained by contacting:
Peak Positioning Technologies Inc.
550 Sherbrooke Street West
West Tower, Suite 250-A
Montreal, Quebec H3A 1B9
Contact: Johnson Joseph, CEO
Tel: 514-340-7775
Email: info@peakpositioning.com
