Tinkerine announces $2 million Private Placement
(TheNewswire)
TheNewswire - February 11, 2021 - Tinkerine™ Studios Ltd. (TSXV:TTD) (OTC:TKSTF) ("Tinkerine" or the "Company") announces a non-brokered private placement financing of up to 16,000,000 units (a “Unit”) at a price of $0.125 per Unit for gross proceeds of up to Cdn $2,000,000 (the “Offering”). Each Unit will consist of one common share of the Company and one common share purchase warrant ( “Warrant”), with each Warrant entitling the holder to acquire one additional common share of the Company at an exercise price of $0.25 for a period of 36 months from issuance.
Tinkerine intends to use the net proceeds of the Offering to continue development of its Tinkerine Cloud platform, Tinkerine Skillup platform, marketing of existing and future Tinkerine products and services, and advancement of Tinkerine Projects (“Projects”). Projects include larger scale 3D printing systems, ability to purchase Tinkerine hardware and software with digital currencies, and additional 3D printing and additive manufacturing products printed with composite and metal materials.
The Company may pay a finder’s fee in conjunction with this Offering. All securities issued in connection with the Offering will be subject to a four month hold period in accordance with applicable securities laws.
Depending on demand and regulatory requirements, a portion of the Offering may be made in accordance with the provisions of the existing shareholder exemption (the "Existing Shareholder Exemption"). In addition to conducting the Offering pursuant to the Existing Shareholder Exemption, the Offering will also be conducted among close personal friends and business associates of directors and officers of the Company.
The Company has set February 10, 2021 as the record date (the "Record Date") for the purpose of determining shareholders entitled to purchase Units. The aggregate acquisition cost to a subscriber under the Existing Shareholder Exemption cannot exceed $15,000 (120,000 Units) unless that subscriber has obtained advice from a registered investment dealer regarding the suitability of the investment.
If subscriptions received for the Offering based on all available exemptions exceed the maximum Offering amount of $2,000,000, subscriptions will be accepted at the discretion of the Company such that it is possible that a subscription received from a shareholder may not be accepted by the Company if the Offering is over-subscribed. In accordance with the Existing Shareholder Exemption, the Company confirms there is no material fact or material change related to the Company which has not been generally disclosed.
Existing shareholders of the Company are directed to contact the Company for further information concerning subscriptions for Shares pursuant to the Existing Shareholder Exemption, as follows:
Chris Lee, Chief Financial Officer
This Offering is subject to TSXV approval.
About Tinkerine
Our mission is to provide a foundational understanding about Applied Design driven by 3D printing. Our ecosystem of 3D printing products and educational resources equips future generations with the innovative tools and products to stay ahead in a fast-paced, tech-driven world. Tinkerine enables the curious to convert creative ideas into the tangible and the unimaginable. All Tinkerine 3D printers and education services are designed and manufactured in Canada.
For further information please contact:
Dean Stuart
T: 403 617 7609
Eugene Suyu
Chief Executive Officer
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain forward-looking statements, including, but not limited to, expectations as to the acceptance of products designed and created by the Tinkerine Applied Design staff and the Company’s future plans and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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