HIT Technologies Inc. Closes Second Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 26, 2016) - HIT Technologies Inc. (the "Company") (TSX VENTURE:HIT) is pleased to announce that it closed the second tranche of its previously announced non-brokered private placement (the "Offering") of units (the "Units"), raising aggregate gross proceeds to the Company of $300,000. Pursuant to the first and second tranches of the Offering, the Company issued 23,600,000 Units for aggregate gross proceeds to the Company of $1,180,000.

At the closing of the second tranche of the Offering, the Company issued an aggregate of 6,000,000 Units at a subscription price of $0.05 per Unit. Each Unit is comprised of one common share in the capital of the Company (each, a "Common Share") and one-half of one common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.07 for a period of 18 months from the date of the closing of the first tranche of the Offering (the "First Tranche Closing"), provided that in the event that the Common Shares trade at or above $0.15 for 10 consecutive trading days on the TSX Venture Exchange or exceed a volume weighted average price of $0.15 during a consecutive 30-day period, the Company will have the right to accelerate the expiry of the Warrants by providing 30 days' prior written notice to the Warrant holders of such expiry. The Common Shares and Warrants comprising the Units issued as part of the second tranche of the Offering, as well as any Common Shares issued upon the exercise of Warrants, will be subject to a four-month hold period which will expire on September 27, 2016.

In connection with the first and second tranches of the Offering, an aggregate finder's fee of $86,400 in cash and 1,728,000 Finder's Warrants was paid to Gravitas Securities Inc. ("GSI"), Haywood Securities Inc., Canaccord Genuity Corp. and Raymond James Ltd. Each Finder's Warrant entitles the holder to acquire one Unit at an exercise price of $0.05 for a period of 18 months from the date of the First Tranche Closing. The Finder's Warrants issued as part of the second tranche of the Offering, as well as any Common Shares and Warrants comprising any Units issued upon the exercise of Finder's Warrants will be subject to a four-month hold period which will expire on September 27, 2016. As previously announced, GSI also acted as a financial advisor to the Company with respect to the Offering.