Perk Labs Inc announced that it has closed the first tranche of its previously announced non-brokered private placement.
In the first tranche, the company said subscribers purchased 7,374,645 units for aggregate gross proceeds of $309,736. Directors and officers of the company subscribed for 476,190 of the units.
Proceeds will be used for marketing and awareness campaigns and for general working capital purposes, according to a statement.
Each unit consists of one common share and one warrant. Each whole warrant will entitle the holder to purchase one common share at a price of $0.05 for a period of 24 months from the closing of the first tranche.
All securities issued pursuant to the private placement will be subject to a statutory hold period of four months and one day.
The company said it intends to complete additional closings until the private placement is fully subscribed to on April 8, 2022. It is expected that there will be additional participation from the company's board of directors in a subsequent tranche.