DeepMarkit Corp. (TSX-Venture:MKT) is pleased to provide an update with respect to its investment transaction with HK Datang Investment Holding Group Co. Limited.
HK Datang is an arm's-length private Hong Kong company, with whom the company agreed to simplify the investment arrangement to allow the parties to complete the private placement transaction for the total amount of 10,000,000 Units for total gross proceeds of $750,000, to be provided in two tranches.
MKT has closed the first tranche of the private placement of 6,263,194 Units for gross proceeds of $469,739.55. Each Unit consists of one common share of the Company and one of a warrant to purchase a common share at an exercise price of $0.10 per Common Share. The warrants are exercisable for one year following the date of issuance.
The second tranche of the Private Placement, representing 3,736,806 Units, is expected to close on or before November 4.
DeepMarkit is a technology company focused on creating new tools and technologies to aid e-commerce transactions for the benefit of both consumers and online merchants.
Shares in MKT headed for the rafters, gaining three cents, or 30%, to 13 cents, on volume topping 98,000 shares.