Poynt Corporation (TSXV:PYN) announced a private placement of up to 140,000,000 units at a price of CAD 0.05 per unit for gross proceeds of up to CAD 7,000,000 on June 5, 2012. Each unit consists of one common share and one warrant to purchase a common share of the company. Each warrant entitles the holder to acquire one common share at an exercise price of CAD 0.10 for a period of 24 months from the date of issuance. All securities issued will be subject to hold period of four months and a day from the closing date. The company expects to complete the transaction, in one or more closings, with the first closing occurring on or about June 11, 2012. On June 22, 2012, the company announced that it has amended the terms of the transaction. The company entered in an agreement with Canaccord Genuity Corp on best effort basis. The company will issue up to 120,000,000 units of the company at a price of CAD 0.05 per unit for gross proceeds of up to CAD 6,000,000. In addition, the company has granted to the agent an option exercisable at any time up to 30 days following the closing date of the transaction to acquire up to an additional 60,000,000 units of the company. In the event that the option is exercised in full, the aggregate gross proceeds of the transaction will be up to CAD 9,000,000. A cash fee will be payable to the agent of up to 7.5% of the gross proceeds and the agent will be granted that number of non-transferable warrants equal to 10 of the aggregate number of units sold pursuant to the transaction. Each broker warrant will be exercisable to acquire one unit of the company for a period of 24 months following the date of issuance at a price of CAD 0.05 per unit. In addition, Canaccord Genuity Corp. acted as a special financial advisor to the company and will be paid a fee for such services through the issuance of 2,000,000 common shares. The company expects to complete the transaction on or about June 29, 2012. On June 29, 2012, the company announced that the transaction will occur in tranches and the first tranche closing is anticipated to occur on July 5, 2012. On July 6, 2012, Poynt Corporation cancelled the transaction.