(TheNewswire)
Abbotsford, BC - TheNewswire - October 9, 2020 - Gatekeeper Systems Inc. ('Gatekeeper' or the'Company') (TSXV:GSI) (OTC:GKPRF) (FSE:1GK) aleading provider of intelligent video solutions for public transportand smart cities, is pleased to announce that due to increasedinterest in its previously announced non-brokered private placement(the "Financing"), the Company has additionally increasedthe size of the Financing from $6 million to $6.5 million.
The Financing will now consist of up to 6,500,000 units(each, a "Unit") at a price of $1.00 per Unit for grossproceeds of up to $6.5 million. Each Unit willconsist of one common share of the Company and one common sharepurchase warrant (each, a "Warrant"), with each Warrantentitling the holder to acquire an additional common share at a priceof $1.10 for a period of twenty-four (24) months from the closingdate. Should the stock price trade over $1.35 per share for a periodof ten consecutive trading days, the Company will have the right toaccelerate the expiry of the Warrants by providing notice to theholders of the Warrants by news release that the Warrants will expireon the date that is not less than 30 days from the date the notice isprovided.
The Company intends to use the proceeds of theFinancing to finance growth initiatives, for general corporatepurposes, and to accelerate sales and delivery of the Company'sIntelligent Temperature Sensing Systems (ITSS) which has been designedto efficiently measure the body temperature of students while boardinga school bus or entering schools.
The Company has received an extension from the TSXVenture Exchange to close the Financing and anticipates completion onor before October 19, 2020.
All securities issued in connection with the Financingare subject to a four month hold period under applicable Canadiansecurities laws. Closing of the Financing remains subject toacceptance of the TSX Venture Exchange.
About Gatekeeper Systems Inc.
Gatekeeper is a leading provider of intelligent videosolutions designed to provide a safer transportation environment forchildren, passengers, and public safety personnel on multipletransportation modes. The Company uses AI, video analytics and mobiledata collectors to inter-connect public transit assets as part ofintelligent transportation systems for Smart City initiatives. TheCompany's Platform-as-a-Service (PaaS) business model is designed toconnect moving vehicles in the era of Internet of Things (IOT).
Contact Information
Douglas Dyment
ddyment@gatekeeper-systems.com
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Cautionary Note Regarding Forward-Looking Statements:This release contains forward-looking statements, including statementsregarding the possible completion of a non-brokered private placementand the intended use of proceeds from the Financing. In making theforward-looking statements in this release, the Company has appliedcertain factors and assumptions that the Company believes arereasonable, including that the Company is able to obtain any requiredgovernment or other regulatory approvals to complete the Company'splanned private placement and operations and that the Company is ableto complete the Financing. However, the forward-looking statements inthis release are subject to numerous risks,uncertainties and other factors that may cause future results todiffer materially from those expressed or implied in suchforward-looking statements. Such uncertainties and risks may include,among others, that the Financing will not complete, actual results ofthe Company's operations being different than those expected bymanagement and delays in obtaining or failure to obtain requiredgovernment or other regulatory approvals or financing. There can be noassurance that such statements will prove to be accurate, and actualresults and future events could differ materially from thoseanticipated in such statements. Readers are cautioned not to placeundue reliance on forward-looking statements. The Company does notintend, and expressly disclaims any intention or obligation to, updateor revise any forward-looking statements whether as a result of newinformation, future events or otherwise, except as required bylaw.
This news releasedoes not constitute an offer to sell or solicitation of an offer tosell any securities in the United States. The securities have notbeen and will not be registered under the United States Securities Actof 1933, as amended (the "U.S. Securities Act") or any statesecurities laws and may not be offered or sold within the UnitedStates or to U.S. Persons unless registered under the U.S. SecuritiesAct and applicable state securities laws or an exemption from suchregistration is available.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
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