Lark Investments Inc. subscribes for $2.5 million of shares of Snipp Interactive Inc. in non-brokered private placement
June 23, 2017
On May 19, 2017, Lark Investments Inc. (“Lark Investments”) acquired 4,000,000 common shares of Snipp Interactive Inc. (“Snipp”) as part of a non-brokered private placement and agreed to purchase an additional 21,000,000 common shares, contingent on Snipp obtaining shareholder approval for such issuance.
On June 16, 2017, Snipp obtained shareholder approval for the issuance of 21,000,000 common shares to Lark Investments and, on June 23, 2017, Lark Investments completed its acquisition of the additional 21,000,000 common shares, resulting in Lark Investments purchasing an aggregate of 25,000,000 common shares of Snipp at a price of $0.10 per common share for gross proceeds to Snipp of $2,500,000. With this acquisition, Lark Investments became a control person of Snipp, owning an aggregate of 48,152,060 common shares representing 27.49% of Snipp's issued and outstanding common shares.
Fasken Martineau advised Lark Investments with a team that was led by John Sabetti and that included Jeremy Mandel.