Snipp Interactive Announces Closing of Second Tranche of Private Placement

Snipp Interactive (TSXV:SPN) has announced that it has completed the second tranche of a non-brokered private placement.
As quoted in the press release:

The Second Tranche is comprised of 28,488,000 common shares (the “Shares”) at a price of CAD $0.10 per Share for additional gross proceeds of CAD $2,848,800. Together with the proceeds raised under the first tranche of the Financing, details of which tranche can be found in the press release dated May 19, 2017, the Company has now raised CAD $4,265,300 pursuant to the Financing.
As part of the Second Tranche, Lark Investments Inc. (“Lark”), an insider and the Company’s largest shareholder, acquired 21,000,000 Shares, representing approximately 12% of Snipp’s issued and outstanding common shares. This acquisition by Lark was approved by disinterested shareholders voting at the Company’s recently concluded annual and special meeting of the shareholders of the Company. Following the acquisition, Lark has beneficial ownership and control over 48,152,060 common shares of Snipp, representing approximately 27.5% of Snipp’s issued and outstanding common shares, after giving effect to the aggregate Shares issued pursuant to the closing of the Second Tranche, and is a new Control Person of the Company as such term is defined in the policies of the TSX Venture Exchange.
Certain other insiders and directors of the Company have also acquired an aggregate of 1,950,000 Shares for gross proceeds of CAD$195,000. Together with the participation of insiders and directors in the first tranche, the Company has now raised a cumulative amount of CAD $2,971,500 from insiders and directors of the Company pursuant to the Financing.
The net proceeds raised through the Financing will be used for sales & marketing and general working capital purposes.

Click here to read the full press release.