VANCOUVER, British Columbia, Sept. 21, 2017 (GLOBE NEWSWIRE) -- HIT Technologies Inc. (the "Company") (TSX.V:HIT) is pleased to announce, further to its news release of September 16, 2017, that it has closed its non-brokered private placement of 3,150,000 units (the “Units”) at a price of $0.05 per Unit for gross proceeds of $157,500. Each Unit is comprised of one common share of the Company and one half of one share purchase warrant, with a whole warrant entitling the holder to purchase an additional common share at a price of $0.05 per share subject to acceleration until September 20, 2019. The placement remains subject to final approval of the TSX Venture Exchange.
The Company plans to use the funds from the financing to fund ongoing operations and for general working capital purposes. All securities comprising the Units are subject to a four-month statutory hold period ending on January 21, 2018.
The Company also announces that it has granted an aggregate of 2,200,000 incentive stock options to directors, officers and consultants exercisable at $0.05 for a period of 24 months. The options are subject to the approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS OF
HIT TECHNOLOGIES INC.
Brooks Bergreen
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, anticipations, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
For more information contact:
Brooks Bergreen
Chief Executive Officer
Tel: 604.657.3882
Website: hitcase.com