May 16, 2017 / 12:12 PM / a year ago

BRIEF-Redknee reports proposed transaction in furtherance of its strategic plan

May 16 (Reuters) - Redknee Solutions Inc:

* Redknee announces proposed transaction in furtherance of its strategic plan

* Redknee Solutions -entered non-binding letter of intent in respect of proposed transaction that will accelerate co’s previously announced strategic plan

* Redknee Solutions -deal will be comprised of rights offering by co for subscription price per right of up to canadian dollar equivalent of US$0.50

* Redknee Solutions -contemporaneously with closing of rights offering, will enter into a services agreement with Crossover Markets Inc

* Redknee Solutions Inc says will also enter a technology services agreement with Devfactory FZ-Llc

* Redknee Solutions -rights offering to be backstopped by wave systems, an affiliate of esw capital, for amount of rights of up to 100 pct of rights offering

* Redknee Solutions -in connection with proposed transaction, wave will be granted warrant to acquire 2.5 million subordinate voting shares at US$0.50/share as fee Source text for Eikon: Further company coverage:

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