Boardwalktech Software closes $384,800 first tranche

Executive Summary

• Boardwalktech Software Corp. has closed the first tranche of a non-brokered private placement, raising approximately $384,800 in gross proceeds.
• The tranche consists of 10,994,285 units priced at $0.035 per unit, with each unit comprising one common share and one common share purchase warrant.
• Company insiders purchased 3,000,000 units for $105,000, constituting a related party transaction under MI 61-101 that relies on specific valuation and minority shareholder approval exemptions.
• Net proceeds will be allocated to general corporate purposes, with additional tranches expected to close in the coming weeks pending final TSX Venture Exchange approval.

Key Details

• Gross Proceeds: Approximately $384,800
• Units Issued: 10,994,285 units
• Subscription Price: $0.035 per unit
• Warrant Terms: Each unit includes one warrant exercisable at $0.05 per common share, valid for a two-year period from issuance
• Finders' Compensation: 8% cash commission ($15,384) and 8% non-transferable finders' warrants (302,400 warrants at $0.05/share, 2-year term)
• Insider Participation: 3,000,000 units purchased for $105,000; classified as a related party transaction under Multilateral Instrument 61-101, relying on exemptions in sections 5.5(a) and 5.7(1)(a) as neither the fair market value nor consideration exceeds 25% of market capitalization
• Use of Proceeds: General corporate purposes
• Hold Period: 4 months plus one day from the date of issuance
• Regulatory & Exchange Status: Issued pursuant to exemptions under National Instrument 45-106; subject to final approval by the TSX Venture Exchange
• Future Tranches: Company anticipates completing and closing the offering through one or more additional tranches within the coming weeks