Travel and technology company Monaker Group, Inc. (OTCQB: MKGI) this morning announced its entry into definitive documentation related to a private placement of equity financing totaling in excess of $3.0 million in gross proceeds. Certain insiders and board members participated in this offering, representing $635,000, or approximately 21 percent of the transaction. Under the terms of the agreement, purchasers received securities comprised of one common share and one warrant entitling the holder to purchase an additional common share at an exercise price of $2.10 with an expiration date five years from the date of issuance. Per the terms of the agreement, Monaker will be required to apply for a listing of its common shares on the Nasdaq Capital Market within 60 days following the closing of the offering, which is subject to customary closing conditions and expected to close on August 3. Monaker intends to use proceeds from this transaction to expand its technology division and alternative lodging rentals offering, as well as for general corporate purposes.
To view the full press release, visit http://dtn.fm/Nuf9w
About Monaker
Monaker Group is a technology-driven travel company focused on delivering innovation to alternative lodging rentals (ALR) market. The Monaker Booking Engine (MBE) delivers instant booking of more than 1.2 million vacation rental homes, villas, chalets, apartments, condos and castles. MBE offers travel distributors and agencies an industry-first: a customizable instant booking platform for ALR. Monaker’s NextTrip.com B2C website, also powered by MBE, is the first to offer significant instantly-bookable ALR products along with mainstream travel products and services all on a single site. NextTrip also features rich content, imagery and high-quality video to enhance a traveler’s booking experience and assist in the search, decision and buying process for both individuals and groups. For more information, visit www.monakergroup.com or www.nexttrip.com.
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