Vancouver, British Columbia--(Newsfile Corp. - December 28, 2017) - Glance Technologies (CSE: GET) (FSE: GJT) (OTCQB: GLNNF) has closed its recently announced bought deal financing. The company raised gross proceeds of $11,052,000 from the issuance of 3,684,000 units priced at $3.00 per unit, with each unit consisting of one share and one warrant, with the warrant exercisable into another unit at $3.84 for 12 months. Each subsequent unit consists of one share and one warrant, with the warrant exercisable at $5.00 for 24 months.
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The co-lead managers, Echelon Wealth Partners and PI Financial, have been granted an over-allotment option to purchase an addition 552,600 units for a period of 30 days.
The shares are trading at $2.50, and with 128 million shares outstanding, prior to this private placement, the company is capitalized at $320 million. Glance now has more than $17 million in the bank to pursue its business goals.
Glance's original technology, Glance Pay, is a streamlined payment system that revolutionizes how smartphone users choose where to dine, order goods and services, make payment, access digital receipts, redeem digital deals, earn rewards and generally interact with merchants.
The company is also building its presence in the blockchain/cryptocurrency sector, recently closing the acquisition of Blockimpact, and putting together an impressive board of advisors, including several experts and influencers with solid backgrounds in blockchains and cryptocurrencies.
Glance is advancing towards the launch of a "Glance" token which will be granted as a reward to users of the Glance Pay mobile payment app every time they make a payment on the Glance Pay mobile network. This reward will apply to all payments, whether the payment is made with the new cryptocurrency or by other payment methods.
Glance will be attending and speaking on a panel at the inaugural Blockchain Davos event to be held in Davos, Switzerland from January 23rd to 26th in 2018. This event will coincide with the 48th World Economic Forum Annual Meeting which will be held at the same time, with attendance at both events on an invitation only basis.
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Barry Morgan, CFO