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Lark Investments acquires ownership and control of 17,000,000 common shares of Snipp

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Overview

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Lark Investments Inc.

On April 21, 2016, Lark Investments Inc. (Lark Investments) announced that it acquired ownership and control of 17,000,000 common shares of Snipp Interactive Inc. (Snipp) pursuant to a private placement, representing approximately 13.77% of Snipp’s issued and outstanding common shares. Lark Investments acquired the common shares at a price of $0.30 per share for an aggregate purchase price of $5,100,000. Following the acquisition, Lark Investments had beneficial ownership and control over 21,652,136 common shares of Snipp, representing approximately 17.54% of Snipp’s issued and outstanding common shares As a result of the acquisition, Lark Investments will be an insider of Snipp and has been granted the right to nominate one person to serve as a member of Snipp's board and the right to subscribe for up to its proportionate interest in subsequent offerings by Snipp. Snipp has further agreed not to take certain actions without the prior written consent of Lark Investments, including issuing any debt over $1,000,000 or any preferred shares, amending its articles or adopting a shareholder rights plan or advance notice policy. Fasken Martineau advised Lark Investments with a team that included John Sabetti and Ryan Mapa.

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