Snipp Interactive Announces Closing of Third and Final Tranche of Private Placement

Snipp Interactive (TSXV:SPN) has announced it has completed the third and final tranche of the $4.5 million private placement previously announced on May 5, 2017.
As quoted in the press release:

The Final Tranche is comprised of 2,347,000 common shares (the “Shares”) at a price of CAD $0.10 per Share for additional gross proceeds of CAD $234,700. Together with the proceeds raised under the first and second tranche of the Financing, as set out in the press releases dated May 19, 2017 and June 26, 2017, the Company has raised the entire CAD $4,500,000 of the Financing, and hereby closes the Financing.
Certain insiders and directors of the Company participated in the Final Tranche and acquired an additional 500,000 Shares for gross proceeds of CAD$50,000. A breakdown of the Financing follows:

Officers & all Directors:	CAD $521,500
Lark Investments Inc (Control Person):	CAD $2,500,000
Existing and New Investors:	CAD $1,478,500
TOTAL:	CAD $4,500,000

The net proceeds raised through the Financing will be used for sales & marketing and general working capital purposes.
“As mentioned in our June 26 Press Release, the response to the Financing has been very reaffirming, with the Company having to turn away committed investors. In particular, we are honored by the faith placed in us by our largest shareholder Lark Investments, Inc., all of the directors, and many of the officers of Snipp,” said Atul Sabharwal, the CEO of the Company. “The closing of the Financing, checks a very crucial strategic box and should provide us with adequate financing to reach profitability, while we continue to grow our revenue and cut costs. Having recently completed a very extensive 1.5 year product development phase, we are now concentrating our efforts on marketing and selling our full suite of industry leading solutions into a large and relatively untapped marketplace.”
The four-month hold period for all Shares issued under the Final Tranche will expire on October 30, 2017 in accordance with Canadian securities laws.

Click here to read the full press release.