LiteLink Applied sciences Inc subsidiary uBUCK Applied sciences SEZC closes second tranche of US$500,000 personal placement

LiteLink Applied sciences Inc () (OTCMKTS:LLNKF) introduced Monday that its subsidiary uBUCK Applied sciences SEZC has closed the second tranche of a non-brokered, non-dilutive personal placement.

Beneath the second tranche, beforehand introduced on September 23, 2019, uBUCK issued 1 million most well-liked shares at a value of US$0.50 per share for gross proceeds of US$500,000.

Beneath the phrases of the providing, uBUCK expects an extra minimal funding of US$1.5 million shall be made in alternate for Three million most well-liked shares at a value of US$0.50 per share by June 30, 2020. The investor may also have the choice to speculate an extra US$2.5 million for a complete of eight million most well-liked shares at a value of US$0.50 per share by September 30, 2021.

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Together with the primary tranche closing introduced September 30, 2019, uBUCK has now raised a complete of US$900,000.

In an announcement, LiteLink mentioned its subsidiary intends to make use of the gross proceeds of the personal placement to finish the event of the uBUCK and Streambucks digital wallets, speed up progress, enhance buyer acquisitions, and conduct extra product testing.

As a result of the personal placement was made straight right into a subsidiary of LiteLink, it’s non-dilutive to LiteLink shareholders. The transaction is topic to all obligatory regulatory and inventory alternate approval.

The popular shares include first rights to dividends of 6% (of the quantity invested) and first claims to belongings as much as the funding in case of liquidation. Upon closing of this tranche, the investor will personal 3.6% of uBUCK.

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