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Plus8 Global Ventures Completes First Tranche of Private Placement
Vancouver, British Columbia, November 26, 2015 – Plus8 Global Ventures, Ltd. (CSE: PGT), (the “Company”) announces that it has completed the first tranche of its non‐brokered private placement, as announced on October 21, 2015 (the “Private Placement”). Pursuant to the first tranche of the Private Placement, the Company has issued 2,000,000 units (the “Units”) at a price of $0.05 per Unit for gross proceeds of $100,000. Each Unit will consist of one common share and one half of one common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share of the Company at a price of $0.10 for a period of 12 months from closing. All securities issued in the Private Placement are subject to a statutory four month hold period.
The Company anticipates completing the second tranche of the Private Placement to raise up to an additional $150,000 in the near future. The net proceeds from the Private Placement will be used by the Company to support the rollout of ParcelPal and for general working capital purposes.
Jason Moreau, the President and Chief Executive Officer of the Company, purchased 540,000 Units pursuant to the Private Placement. Following closing of the Private Placement, Mr. Moreau holds 1,998,500 common shares representing approximately 9.66% of the outstanding common shares of the Company, 270,000 common share purchase warrants and 250,000 options to purchase common shares, that, if exercised, would result in Mr. Moreau holding approximately 11.87% of the Company’s then issued and outstanding common shares, assuming no other common shares of the Company are issued. Mr. Moreau acquired these Units for investment purposes and may, from time to time, acquire additional securities of the Company or dispose of such securities as he may deem appropriate. For the purposes of National Instrument 62‐103 early warning reporting, the address of Mr. Moreau is 911 ‐ 850 West Hastings Street, Vancouver, British Columbia V6C 1E1. A copy of the early warning report being filed by Mr. Moreau may be obtained on the Company’s SEDAR profile or by contacting the Company at 604‐671‐9411.
Insiders of the Company have subscribed for Units under the Private Placement. The issuance of Units to insiders pursuant to the Private Placement (the “Insider Participation”) will be considered to be a related party transaction within the meaning of Multilateral Instrument 61‐101 (“MI 61‐101”). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61‐101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61‐101 in respect of any Insider Participation.
The Canadian Securities Exchange or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release that has been prepared by management of the Company.
Listing: CSE– Symbol: PGT
Shares issued: 20,684,850
Contact: Jason Moreau, President and Chief Executive Officer, Plus8 Global Ventures, Ltd. ‐ 778‐823‐ 2460.
Forward Looking Information
This news release contains forward looking statements relating to the Private Placement. Forward looking statements are often identified by terms such as “will”, “may”, “should”, “intends”, “anticipates”, “expects”, “plans” and similar expressions. All statements other than statements of fact included in this release are forward looking statements that involve risks and uncertainties. These risks and uncertainties include, without limitation, the risk that the second tranche of the Private Placement will not be completed in the near future or at all. There can be no assurance that any forward looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The Company cannot guarantee that any forward looking statement will materialize and the reader is cautioned not to place undue reliance on any forward looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward looking statements contained in this news release are expressly qualified by this cautionary statement. The forward looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly any of the included forward looking statements as expressly required by Canadian securities laws.