Ottawa’s Ackroo to raise $1M in private placement

A local firm that provides gift card, loyalty and rewards technology and services says it’s poised to bolster its balance sheet with a $1 million private placement.

Ottawa-based Ackroo (TSX-V: AKR) said in a statement that it will issue 5 million shares at 20 cents each in connection with the investment. It will use the additional capital to fund its sales and technology development, as well as make strategic acquisitions.

Ackroo has purchased a string of companies and products in 2016 that’s expanded its geographic reach and customer base.