kneat.com, inc. (TSX-V: KSI) is pleased to announce that it has closed its previously announced brokered private placement for aggregate gross proceeds of $ $6,184,647 which was increased from the previously announced amount of $5 million due to investor demand.  Through a syndicate of agents led by Echelon Wealth Partners Inc., and including Bloom Burton Securities Inc. and Industrial Alliance Securities Inc. the Company issued 6,871,830 common shares at an issue price of $0.90 per common share.  The Company paid the Agents a cash commission equal to six percent of the gross proceeds of the Offering and issued warrants entitling the Agents to purchase that number of common shares equal to six percent of the common shares sold as part of the Offering at an exercise price of $0.90 per common share for a period of 18 months (excluding the 922,221 common shares issued under the President’s List as part of the Offering).  

The gross proceeds of the Offering will be used to expand the Company’s sales and marketing function to service its new customers and to further expand the customer pipeline, accelerate the development of the Kneat Gx platform to increase functionality and to fund ongoing operating costs and working capital requirements.

All securities issued pursuant to the Offering are subject to a statutory four-month hold period in accordance with Canadian securities legislation.

About Kneat

Kneat develops and markets the next generation Kneat Gx software platform.  Multiple business processes can be configured on the platform from equipment to computer system validation, through to production record execution and quality document management.  Kneat Gx allows users to author, review, approve, execute testing online, manage any exceptions and post approve final deliverables in a controlled FDA 21 CFR Part 11/ Eudralex Annex 11 compliant platform.  Macro and micro report dashboards enable powerful oversight into all systems, projects and processes world wide.  Customer case studies are reporting productivity improvements in excess of 100% and a higher compliance standard.