On 26 October 2020, ASX listed IT company, K2fly Limited (ASX: K2F), advised that it has executed a new mandate with Canary Capital Pty Ltd, to continue to provide Investor Marketing Services to K2F. Canary Capital is a boutique Sydney headquartered investment management and corporate advisory company. It prides itself on building value for its clients with long term strategic investments and has profiled K2fly on its website.
The terms and conditions of the Mandate include:
- The Mandate agreement began effective from 1 September 2020 and will continue for six months unless cancelled.
- K2F will pay Canary Capital a monthly fee of AUD 7,500 (exclusive of GST) including AUD 5,000 in cash and AUD 2,500 in equity (AUD 15,000 in total equity over six months).
- K2fly will issue shares valued at AUD 15,000 at an issue price determined at the prevailing 20-day VWAP up to 1 September 2020;
- K2F will issue Canary Capital 200,000 unlisted options with an exercise price of AUD 0.70 and 2- year expiry from the date of issue.
Stock performance: On 27 October 2020, K2F closed the day's trade unchanged at AUD 0.355. It has a market capitalisation of AUD 33.02 million.
