/NOT FOR DISTRIBUTION IN THE UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, Dec. 13, 2018
/CNW/ - Parkit Enterprise Inc. (TSXV: PKT; OTCQX:
PKTEF) (the "Company" or "Parkit") announced today that, in
conjunction with the closing of its previously announced rights
offering which is scheduled to close on December 14, 2018, it intends to complete a
non-brokered private placement of up to Cdn$312,500 of common shares at a price of
Cdn$0.29 per share (the same price at
which shares may be purchased under the rights offering). The
principal purpose for the private placement is to enable Leonite
Capital LLC (a U.S. entity controlled by Avi Geller, an officer and director of the
Company) to satisfy its commitment to purchase Cdn$250,000 pursuant to its standby commitment
under the rights offering.
The common shares issued pursuant to the private placement will
be subject to a four month and one day hold period pursuant to
applicable Canadian securities laws.
Details of the use of proceeds from the private placement and
the rights offering are set forth in the Company's rights offering
circular dated November 7, 2018 which
is available under the Company's profile on www.sedar.com.
Leonite Capital LLC is considered to be a "related party"
(within the meaning of Multilateral Instrument 61-101 - Protection
of Minority Security Holders in Special Transactions ("MI
61-101")), making the private placement a "related party
transaction" (within the meaning of MI 61-101) (the "Related Party
Subscription"). The Company will be exempt from obtaining a formal
valuation for, and minority approval of, the Related Party
Subscription pursuant to Section 5.5(b) and 5.7(b) of MI 61-101,
respectively.
About Parkit
Parkit Enterprise Inc. is engaged in the acquisition,
optimization and asset management of income producing parking
facilities across North America.
The Company's shares are listed on TSX-V (Symbol: PKT) and on the
OTCQX (Symbol: PKTEF).
Disclaimer for Forward-Looking Information
Certain statements contained in this news release constitute
forward-looking information under applicable securities law. These
statements relate to future events or future performance, including
statements as to: the Company's intention to complete the rights
offering and the private placement and the use of proceeds of the
rights offering and the private placement. Such statements are not
guarantees of future performance and actual results or developments
may differ materially from those expressed in, or implied by, this
forward-looking information. Factors that could cause actual
results to differ materially from those in forward-looking
statements include such matters as the availability and cost of
funds, the closing of the rights offering and the private placement
and other risks related to the business of the Company. Any
forward-looking statements are expressly qualified in their
entirety by this cautionary statement. The information contained
herein is stated as of the current date and subject to change after
that date and the Company does not undertake any obligation to
update publicly or to revise any of the forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by applicable securities laws.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described
herein within the United States or
to U.S. persons and, subject to certain limited exceptions,
the securities offered herein may not be offered or sold in or into
the United States or to U.S.
persons. The securities offered hereby have not been and will not
be registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or the securities laws of any
state of the United States. "United States" and "U.S. person"
are as defined in Regulation S under the U.S. Securities
Act.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Parkit Enterprise Inc.