TORONTO, Sept. 27, 2017 /CNW/ - Kontrol Energy Corp. (CSE:KNR) (the "Company") announces an increase to and completion of its previously announced non-brokered private placement of units (the "Units"). The Units were offered at a price of $0.60, with each Unit consisting of one common share and one half common share purchase warrant. The offering size was increased from one million (1,000,000) Units to one million sixty-nine thousand one hundred sixty-six Units (1,069,166) resulting in gross proceeds of six hundred forty-one thousand five hundred dollars($641,500). Each warrant will be exercisable to acquire one common share of the Company at a price of $0.80 for a period of one (1) year.
Two directors of the Company (the "Interested Persons") subscribed for an aggregate of 83,333 Units under the offering for aggregate cash consideration of $50,000. The participation of these parties in the offering constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on the exemptions from the formal valuation and minority approval requirements contained in sections 5.5(b) and 5.7(b) of MI 61-101. The Interested Persons have no knowledge of any material information concerning the Company or its securities that has not generally been disclosed. As a result of the offering, the combined direct and indirect voting interest of the Interested Persons is 0.34%.
Proceeds from the Offering will be used for acquisition related expenses and working capital. All securities purchased under this Offering will be subject to a four month and one-day hold period. Finders' fees may be payable on a portion of the Offering, in accordance with the policies of the CSE.
About Kontrol Energy Corp.
Kontrol Energy Corp. (CSE:KNR) is a leader in energy efficiency solutions and technology. Through a disciplined mergers and acquisition strategy, combined with organic growth, Kontrol Energy Corp. provides market-based energy solutions to our customers designed to reduce their overall cost of energy while providing a corresponding reduction in Green House Gas (GHG) emissions.
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward Looking Statements:
Certain information included in this press release, including information relating to future closings of the Offering, payments of interest, commissions or finders fees, minimization of common equity dilution, possible future acquisitions and/or investments in operating businesses and/or technologies, accelerated growth, the provision of solutions to customers and Green House Gas emissions reductions, proposed financial savings and sustainable energy benefits and energy monitoring, growth strategy and financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements". Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that the Offering will be successful, that suitable businesses and technologies for acquisition and/or investment will be available, that such acquisitions and or investment transactions will be concluded, that sufficient capital will be available to the Company, that technology will be as effective as anticipated, that organic growth will occur, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, lack of further subscriptions for the Offering, lack of acquisition and investment opportunities or that such opportunities may not be concluded on reasonable terms, or at all, that sufficient capital and financing cannot be obtained on reasonable terms, or at all, that technologies will not prove as effective as expected that customers and potential customers will not be as accepting of the Company's product and service offering as expected, and government and regulatory factors impacting the energy conservation industry. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable securities law.
SOURCE Kontrol Energy Corp.
For further information: Paul Ghezzi, CEO, email@example.com; Kontrol Energy Corp., 5045 Orbitor Drive, Bldg. 9, Suite 401, Mississauga, ON L4W 4Y4, Tel: 905.766.0400, Toll free: 1.844.866.8123