VANCOUVER, British Columbia, Aug. 16, 2017 (GLOBE NEWSWIRE) -- HIT Technologies Inc. (the "Company") (TSX.V:HIT) announces that the Company intends to issue up to 3,150,000 units (the “Units”) of the Company at a price of $0.05 per Unit for gross proceeds of up to $157,500 on a private placement basis. Each Unit will be comprised of one common share of the Company and one half of one share purchase warrant entitling the holder to purchase one additional common share of the Company at a price of $0.05 per share for a period of 24 months from the date of issue.
The Company plans to use the funds from the financing to fund ongoing operations and for general working capital purposes. All securities issued in connection with the above transactions will be subject to a four-month statutory hold period. The financing is subject to the approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS OF
HIT TECHNOLOGIES INC.
Brooks Bergreen
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, anticipations, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.