Hapbee Announces Initial Closing of $ 6.1 Million Non-Broker Enhanced Private Placement
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MONTREAL, 25 November 2021 / CNW / – Hapbee Technologies, Inc. (TSXV: HAPB) (OTCQB: HAPBF) (FSE: HA1) (“Hapbee” or the “Company”), the Canadian wearable technology and wellness company and creator of the banner Hapbee is pleased to announce the first closing of the Company’s previously announced unmediated enhanced private placement of units of the Company (“Units“) at the price of $ 0.30 per Share for total gross proceeds of $ 6,092,689 (the “Offer“). Due to oversubscribed demand, the Company has increased the Offer to $7.5 million units.
“We would like to thank all of our new and existing shareholders for the tremendous support received during this recent funding,” said Yona Shtern, CEO of Hapbee. “With a supplement $ 6.1 million with growth capital now in our treasury, we are able to accelerate our growth by expanding distribution channels, increasing marketing resources while increasing the visibility of our brand. Our goal remains to deliver the Hapbee product to as many customers as possible, because we believe people deserve more control over how they feel. “
Each unit consists of one subordinate voting share in the capital of the Company (each, a “To share“) and one subordinate voting share purchase warrant (each, a”To guarantee“), each Warrant allowing its holder to acquire one Share for a period of three years from the closing of the Offer at an exercise price of $ 0.50 by Action.
The net proceeds received by the Company from the Offering will be used for product development, business development, working capital and general corporate purposes.
The expiration date of the Warrants will be subject to prior acceleration after the closing of the Offer, at the discretion of the Company. As previously announced, if the Shares are trading at or above $ 1.00 on the TSX Venture Exchange (the “To exchange“) during a period of 10 consecutive trading days after the expiration of the four-month holding period, the Company may issue a press release reducing the expiration date to 60 days after the filing of such a press release. hurry.
Closing of the offering is subject to certain customary conditions, including, without limitation, approval by the Exchange. The securities to be issued under the offering will be offered by way of private placement in accordance with applicable exemptions from prospectus requirements under applicable securities laws. The securities issued under the offering will be subject to a holding period which will expire four months and one day from the closing date.
In connection with the closing of the initial tranche of the Offer, the Company paid cash intermediation fees for a total amount of $ 115,052, issued a total of 205,660 intermediation shares and a total of 589,166 non-transferable intermediation warrants (each, a “Researcher’s mandate“). Each Offeror’s Warrant authorizes its holder to purchase one Share at the price of $ 0.50 per share for a period of one year after the balance sheet date. Insiders of the Company purchased a total of 1,113,283 Units as part of the Offering, which constituted a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ( “MI 61-101The issuance of Units to insiders of the Company in connection with the Offering is exempt from the formal assessment and minority shareholder approval requirements under NI 61-101 pursuant to paragraphs 5.5 (b) and 5.7 (1) (a), as the common shares of the company are not listed on a specified market and the fair market value of such units will not exceed 25% of the market capitalization of the company.
Canada-based Hapbee is a wearable wellness tech company that aims to help people feel better. Powered by patented ultra-low radio frequency energy (ulRFE®), Hapbee delivers low power electromagnetic signals designed to produce sensations such as Happy, Alert, Focus, Relax and others. The Company has offices at Montreal, Vancouver, Seattle and Phoenix.
Hapbee is available for purchase at Hapbee.com.
Neither the Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of securities in any state in which such an offer, solicitation or sale would be illegal. The securities offered have not been and will not be registered under the law of 1933 and may not be offered or sold in United States lack of registration or an applicable exemption from the registration requirements of the Act of 1933, as amended, and application of state securities laws.
Certain statements contained in this press release may constitute “forward-looking information” within the meaning of applicable securities laws (also called forward-looking statements). Forward-looking information involves risks, uncertainties and other known and unknown factors, and may cause actual results, performance or achievements, or industry results, to be materially different from any results, performance or achievements. future or industry results expressed or implied by such forward-looking information. information search. Forward-looking information can generally be identified by the use of terms and expressions such as “anticipate”, “believe”, “might”, “estimate”, “expect”, “feel”, “have the intention “,” could “,” “plan”, “foresee”, “project”, “subject to”, “will”, “would”, and similar terms and expressions, including references to assumptions. Some specific forward-looking information contained in this press release includes, without limitation, statements regarding: Hapbee being able to complete the Offer; the number of securities to be issued at the close of the Offer and the gross proceeds received ; the time of closing of the Offer; the payment of any intermediation commission and the form thereof; the exercise of warrants; and the use of the net proceeds of the offering.
Forward-looking information is based on a number of key expectations and assumptions made by Hapbee, including, but not limited to: the impact of the COVID-19 pandemic on the Canadian and global economy and operations of Hapbee, as well as the extent and duration of this impact; the ability of Hapbee to complete the Offer; no material change will occur until Hapbee is able to complete the Offer; any changes in laws or regulations that adversely affect Hapbee’s business; there will be a demand for Hapbee’s services and products in the future; all necessary approvals will be received and all conditions will be met or waived; and Hapbee will be able to operate as planned. Although the forward-looking information contained in this press release is based on what Hapbee considers reasonable assumptions, it cannot assure investors that actual results will be consistent with such information.
Forward-looking information is provided for the purpose of presenting information about management’s current expectations and plans for the future, and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information involves significant risks and uncertainties and should not be interpreted as a guarantee of future performance or results, as actual results may differ materially from those expressed or implied in such forward-looking information. These risks and uncertainties include, among others, the risks associated with: Hapbee being able to achieve its business objectives as planned; the impacts of the COVID-19 pandemic on the Canadian and global economy, Hapbee’s industry and its operations, which could have a negative impact and could continue to have a negative impact on Hapbee and could have a negative impact material to its investments, results of operations, financial condition and ability to obtain additional equity or debt financing and to meet its financial obligations; the possibility for Hapbee to close the Offer; the possibility for Hapbee to continue to list its Shares on the Stock Exchange or another stock exchange; circumstances may change resulting in the use of the product; general economic conditions; potential for future growth; price of its securities; liquidity; fiscal risk; the tax laws currently in force remain unchanged; ability to access capital markets; environmental issues; and changes in laws or regulations. Management believes that the expectations reflected in the forward-looking information contained in this document are based on reasonable assumptions and information currently available; however, management cannot guarantee that actual results will be consistent with this forward-looking information.
The forward-looking information contained in this document is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects the current beliefs of management and is based on information currently available to Hapbee. Forward-looking information is set out as of the date of this press release and Hapbee assumes no obligation to update or revise such information to reflect new events or circumstances, except as required by applicable law.
SOURCE Hapbee Technologies Inc.
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