Abbotsford, BC September 30th, 2013 - Gatekeeper Systems Inc. ("Gatekeeper" or the "Company") (TSX.V: GSI) is pleased to announce that it has closed the first tranche (the "First Tranche") of its non-brokered private placement offering (the "Offering"), as previously announced on September 19 and 27, 2013, by issuing 3,784,100 units (the "Units") at a price of $0.27 per Unit, for gross proceeds of $1,021,707.
Finder's fees paid in connection with the First Tranche total $71,519 in cash, plus 264,887 warrants (the "Finder's Warrants"). Each Unit consists of one common share and one-half share purchase warrant (the "Warrant"). Each full Warrant and each Finder's Warrant is exercisable at $0.35 for a period of 24 months from the date of closing. Should the stock price trade over $0.50 per share for ten consecutive trading days, the Company will have the right to accelerate the expiry of the Warrants by giving notice to the holders of the Warrants by news release that the Warrants will expire on the date that is not less than 30 days from the date notice is given.
Securities issued pursuant to the First Tranche are subject to a hold period and may not be traded until January 31, 2014.
Proceeds of the Offering will be used to fulfill the Company's current backlog of orders, support inventory, and for general working capital.
About Gatekeeper Systems Inc.
Founded in 1997, Gatekeeper Systems has provided total mobile video security solutions to over 3,500 customers and has installations in every state and province in North America. Customers include school districts, public transit, law enforcement and military.
For more information visit: www.gatekeeper-systems.com.
On behalf of the Board,
"Douglas Dyment"
President & CEO
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.
Cautionary Note Regarding Forward-Looking Statements: This release contains forward-looking statements, including statements regarding the possible completion of a non-brokered private placement and the intended use of proceeds from the Offering. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company is able to obtain any required government or other regulatory approvals to complete the Company's planned private placement and operations and that the Company is able to complete the Offering. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks may include, among others, that the Offering will not complete, actual results of the Company's operations being different than those expected by management and delays in obtaining or failure to obtain required government or other regulatory approvals or financing. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Not for dissemination in the United States or through U.S. newswires