VANCOUVER , Jan. 27, 2020 /CNW/ – LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT)(OTC:LLNKF)(FRA:C0B), a key player in logistics platforms and payment solutions, is pleased to announce that its subsidiary uBUCK Technologies SEZC (“uBUCK”) has closed the second tranche of a non-brokered, non-dilutive private placement previously announced on September 23, 2019 .
Under the second tranche, uBUCK issued 1,000,000 preferred shares at a price of US$0.50 per share for gross proceeds of US$500,000 . Under the terms of the offering, uBUCK expects an additional minimum investment of US$1,500,000 will be made in exchange for 3,000,000 preferred shares at a price of US$0.50 per share by June 30 , 2020. The investor will also have the option to invest an additional US$2,500,000 for a total of 8,000,000 preferred shares at a price of US$0.50 per share by September 30, 2021 .
Along with the first tranche closing announced September 30, 2019 , uBUCK has now raised a total of US$900,000 .
uBUCK intends to use the gross proceeds of the private placement to complete the development of the uBUCK and Streambucks digital wallets, accelerate growth, increase customer acquisitions, and conduct additional product testing.
Because the private placement was made directly into a subsidiary of LiteLink, it is non-dilutive to LiteLink shareholders. The transaction is subject to all necessary regulatory and stock exchange approval.
The preferred shares come with first rights to dividends of 6% (of the amount invested) and first claims to assets up to the investment in case of liquidation. Upon closing of this tranche, the investor will own 3.6% of uBUCK.
About uBUCK Technologies SEZC
Based in Georgetown, Cayman Islands , uBUCK is a fintech enterprise that specializes in digital payments and wallets.