25 May ParcelPal Announces Financing
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
ParcelPal Announces Financing
Vancouver, British Columbia, May 25, 2016 – ParcelPal Technology Inc. (CSE: PKG), (the “Company”) announces that it intends to complete a non‐brokered private placement financing of up to 1,000,000 units (“Units”) at a price of $0.21 per unit to raise gross proceeds of up to $210,000 (the “Financing”). Each Unit will consist of one common share and one‐half of a common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share of the Company at $0.30 for a period of 18 months from the date of closing of the Financing. Finders’ fees in accordance with industry rates may be payable in connection with the Financing.
All securities issued in connection with the Financing will be subject to a statutory hold period of four months and one day from the date of closing of the Financing.
The Company intends to use the proceeds of the Financing for general working capital.
The Canadian Securities Exchange or any other securities regulatory authority have not reviewed and do not accept responsibility for the adequacy or accuracy of this news release that has been prepared by management of the Company.
Listing: CSE– Symbol: PKG
Shares issued: 25,401,511
Contact: Jason Moreau, President and Chief Executive Officer, ParcelPal Technology Inc. ‐ 778‐823‐ 2460.
Forward Looking Information
This news release contains forward‐looking statements relating to the Financing. 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 including but not limited to whether the Financing will be completed and how the proceeds of the Financing will be used. These risks and uncertainties include, without limitation, the risk that the Financing will not be completed due to, among other things, the risk that the Company will not be able to find suitable investors, as well as the risk that the Company will not be successful due to, among other things, general risks relating to the mobile application industry, failure of the Company’s mobile app to gain market acceptance and potential challenges to the intellectual property utilized in the Company’s mobile app. The forward‐looking statements are based on the assumptions that the Company will be able to find suitable investors. 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.