Frankly Inc. (TSXV:TLK) announced a non-brokered private placement of 26,824,400 units at CAD 0.35 per unit for gross proceeds of up to $7,000,000 (CAD 9,388,540) on May 1, 2019. Each unit consists of one common share and one-half share purchase warrant. Each whole warrant entitles the holder to acquire one common share at CAD 0.65 per share for a period of two years from the date of issue.

The company expects to close the transaction in early May 2019. The securities issued are subject to hold period of four months and one day from the date of issue. The company will pay finder's fees to a third party finder who is current shareholder of the company equal to 6.5% of the gross proceeds and finder's warrants 6.5% of securities sold in the transaction.

The transaction is subject to certain conditions including TSX Venture Exchange approval.