TORONTO, April 23, 2018 (GLOBE NEWSWIRE) -- Lark Investments Inc. (“Lark Investments”) announces that on April 18, 2018 it acquired ownership and control of 5,000,000 common shares of Snipp Interactive Inc. (“Snipp”), representing approximately 2.32% of Snipp’s issued and outstanding common shares. The common shares were purchased at a price of $0.10 per share for an aggregate purchase price of $500,000, pursuant to the final tranche of a private placement by Snipp.
As at June 23, 2017, Lark Investments had beneficial ownership and control over 48,152,060 common shares of Snipp, representing approximately 27.49% of Snipp’s issued and outstanding common shares at that time. Following the acquisition of the 5,000,000 shares at the closing of the private placement on April 18, 2018, Lark Investments has beneficial ownership and control over 53,152,060 common shares of Snipp, representing approximately 24.65% of Snipp’s current issued and outstanding common shares.
Lark Investments continues to be an insider of Snipp and retains, among other things, participation rights in future Snipp financings and the right to nominate one person to serve as a member of Snipp’s board.
Lark Investments acquired the common shares for investment purposes. Depending on market conditions and other factors, Lark Investments may from time to time acquire and/or dispose of securities of Snipp or continue to hold its current position.
A copy of the early warning report to be filed by Lark Investments in connection with the investment will be available on Snipp’s profile on SEDAR at www.sedar.com.
For further information please contact:
Ali Ebrahim, President
Lark Investments Inc.
220 Duncan Mill Road, Suite 615
Toronto, Ontario, M3B 3J5
Phone: (416) 444-0544 ext. 254