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LiteLink subsidiary uBUCK closes second tranche of US$500K private placement

The gross proceeds will be used to complete the development of the uBUCK and Streambucks digital wallets

LiteLink Technologies Inc. - LiteLink subsidiary uBUCK Technologies SEZC closed the second tranche of US$500,000 private placement
Along with the first tranche closing announced in September 2019, uBUCK has now raised a total of US$900,000

LiteLink Technologies Inc (CSE:LLT) (OTCMKTS:LLNKF) announced Monday that its subsidiary uBUCK Technologies SEZC has closed the second tranche of a non-brokered, non-dilutive private placement.

Under the second tranche, previously announced on September 23, 2019, uBUCK issued 1 million preferred shares at a price of US$0.50 per share for gross proceeds of US$500,000.

Under the terms of the offering, uBUCK expects an additional minimum investment of US$1.5 million will be made in exchange for 3 million preferred shares at a price of US$0.50 per share by June 30, 2020. The investor will also have the option to invest an additional US$2.5 million for a total of 8 million preferred shares at a price of US$0.50 per share by September 30, 2021.

READ: LiteLink introduces new software-as-a-service Subscription model for 1SHIFT Logistics platform

Along with the first tranche closing announced September 30, 2019, uBUCK has now raised a total of US$900,000.

In a statement, LiteLink said its subsidiary intends to use the gross proceeds of the private placement to complete the development of the uBUCK and Streambucks digital wallets, accelerate growth, increase customer acquisitions, and conduct additional product testing.

Because the private placement was made directly into a subsidiary of LiteLink, it is non-dilutive to LiteLink shareholders. The transaction is subject to all necessary regulatory and stock exchange approval.

The preferred shares come with first rights to dividends of 6% (of the amount invested) and first claims to assets up to the investment in case of liquidation. Upon closing of this tranche, the investor will own 3.6% of uBUCK.

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