MONTREAL, QUEBEC--(Marketwire - Sept. 17, 2012) - Peak Positioning Technologies Inc. ("Peak") (TSX VENTURE:PKK) today announced that it has closed a second tranche in a non-brokered private placement and has issued 800,000 units at a price of $0.10 per unit for gross proceeds of $80,000. Each unit ("Unit") consists of one (1) common share and one half (1/2) of one common share purchase warrant. Each warrant entitles its holder to purchase one common share of Peak, at the price of $0.15, for a 12 month period following the closing date. A non convertible debenture, in the principal amount of $20,000 with an interest rate of 12% per annum (1% per month), maturing one year from its issuance, was also issued.
All securities issued pursuant to the private placement completed September 12, 2012, are subject to a hold period expiring four (4) months and one day from the date of closing (January 13, 2012). Peak intends to use the proceeds for general working capital.
A finder's fee in the amount of $800 was paid to a finder in connection with the private placement.
About Peak Positioning Technologies Inc.:
Peak Positioning Technologies Inc. (TSX VENTURE:PKK), is a Canadian software developer for smartphones and other mobile computing devices, conducting business primarily in China and North America. In association with its partner, LongKey-Hong Kong Ltd, the company has developed a suite of applications for mobile devices that includes: cloud-based calendar, e-mail and contacts synchronization, automated device configuration, and HomeWave™ mobility security. While LongKey markets the applications in China through its partnerships with major Chinese telecommunication companies and banks, Peak plans to similarly market the applications for its own account in North America. For more information: http://www.peakpositioning.com.
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.