GEEKCO ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT

Executive Summary

• Geekco Technologies closed the first tranche of its non‑brokered private placement, issuing 10 million units at $0.05 per unit for gross proceeds of $500,000.
• Each unit consists of one Class A common share and one warrant to purchase an additional share at $0.05 for three years.
• Net proceeds will be used for marketing, application development, and general working capital.

Key Details

• Units Issued: 10,000,000 units (Class A share + 1 warrant per unit).
• Price per Unit: $0.05, yielding aggregate gross proceeds of $500,000 (out of a $1,000,000 maximum).
• Warrant Terms: Right to acquire one additional common share at $0.05 for three years from issuance.
• Intermediary Compensation: Up to 7% cash commission on gross proceeds plus intermediary warrants equal to up to 7% of units issued; $27,125 paid in cash and 542,500 intermediary warrants issued.
• Resale Restriction: All securities subject to a four‑month‑and‑one‑day lock‑up period from the closing date.
• Regulatory Approval: Placement pending final approval by the TSX Venture Exchange and other applicable regulators.
• Related Party Subscription: Chairman André Godin subscribed for 150,000 units ($7,500), reducing his ownership to ~2.4% undiluted (≈5.0% partly diluted). Transaction qualifies as a related‑party exemption under MI 61‑101.
• Use of Proceeds: Marketing campaign, development and continuous improvement of the “Tell Me” application, and general & working capital purposes.

Notable Quotes

(No direct quotes were provided in the release.)