LAVAL, QC , Aug. 19, 2024 /CNW/ - Geekco Technologies Corporation (the "Corporation" or "Geekco") (TSX-V: GKO) (OTCQB: GKOTF) is pleased to announce a private placement for gross proceeds of up to $700,000 (the "Private Placement") by the issuance of a maximum of 14,000,000 units at a price of $0.05 each (each a "Unit"). Each Unit consists of one (1) Class A share of the share capital of the Corporation (each a "Common Share") and one (1) warrant (each a "Warrant"). Each Warrant entitles the holder to acquire one (1) additional Common Share at a price of $0.08 until three (3) years from their issuance date.

The Corporation intends to use the net proceeds from the Private Placement for general and working capital purposes.

Any intermediary can receive a cash commission of up to 7% of the aggregate gross proceeds of subscriptions for the Private Placement submitted by this intermediary; and a commission in the form of intermediary warrants for an equivalent number of up to 7% of the number of Units issued under the Private Placement from subscriptions submitted by this intermediary. Each intermediary warrant will have the same terms as the Warrants included in the Units.

All securities issued within the Private Placement are subject to a four-month and one-day resale restriction period from the closing date of the Private Placement. Closing of the Private Placement may occur in one or more tranches and is subject to the TSX Venture Exchange (the "TSXV") approval and any other applicable regulatory approvals.

The Corporation anticipates that certain "related parties" of the Corporation will participate in the Private Placement. The participation in the Private Placement of such "related parties" will constitute a "related party transaction" as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Corporation expects that the Private Placement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the Corporation is listed on the TSXV and neither the fair market value of securities being issued to the related parties nor the consideration being paid by related parties will exceed 25% of the Corporation's market capitalization.

Resignation of Director

Furthermore, the Corporation also announces that it has accepted the resignation of Mr. Vincenzo Guzzo from Geekco's Board of Directors. The Corporation extends its gratitude to Mr. Guzzo for his valuable contributions during his tenure and wishes him the best in his future endeavours.

ABOUT GEEKCO

Geekco is positioned at the forefront of technological solutions that are evolving the new way of doing marketing while stimulating and energizing the economy of each city and each neighborhood by making consumers and shops interact like never before. Its FlipNpik application allows users to discover businesses around them in real time using the interactive map, access exclusive rewards and even find a job. Shops thus increase their traffic and their visibility while recruiting their future employees. All this in the same app.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Geekco Technologies inc