/EINPresswire.com/ -- TORONTO, ON--(Marketwired - April 27, 2017) - Peeks Social Ltd. (TSX VENTURE: PEEK) (OTCQB: KEEKF) announced today that further to its press release dated April 13, 2017, it has applied to the TSX Venture Exchange ("TSXV") to increase the amount of its non-brokered private placement of units from a maximum of $5,400,000 to a maximum of $6,480,000. Each unit is being issued at a price of $0.90 per unit and consists of one common share and one common share purchase warrant of the Company. Each warrant is exercisable to purchase one additional common share of the Company at an exercise price of $1.10 per share for a period of 12 months from the date of issuance. A first closing was completed on April 12, 2017, resulting in the issuance of 3,338,498 units for gross proceeds of $3,004,650 (see press release dated April 13, 2017).

The Company has received subscription agreements in connection with the second closing for 3,652,995 units ($3,287,700). The second and final closing is expected to be completed on April 28, 2017, and upon completion the Company expects to have issued an aggregate of 6,991,493 units for gross proceeds of approximately $6.3 million. The common shares and warrants will be subject to a four month hold period. The private placement is subject to the Company obtaining final acceptance from the TSXV upon the filing of required materials in due course.

The private placement proceeds will be used by the Company for the marketing and advancement of the "Peeks" product, as well as for general corporate purposes.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.

Forward-Looking statements:

The information and statements in this news release contain certain forward-looking information relating to the timing and amount of proceeds to be raised under the second closing of the private placement. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. Peeks Social Ltd.'s forward-looking information is expressly qualified in its entirety by this cautionary statement. Except as required by law, Peeks Social Ltd. undertakes no obligation to publicly update or revise any forward-looking information.