18 Jul ParcelPal Completes Oversubscribed Private Placement
ParcelPal Completes Oversubscribed Private Placement
Not for Distribution to United States Newswire Services or for Dissemination in the United States
Vancouver, British Columbia (FSCwire) – ParcelPal Technology Inc. (CSE: PKG), (the “Company”) announces that it has completed its non-brokered private placement, as announced on May 25, 2016 (the “Private Placement”). The previously announced $210,000 Private Placement was oversubscribed and the Company raised total gross proceeds of $234,999.87 through the issuance of 1,119,047 units (the “Units”) at a price of $0.21 per Unit. Each Unit consists of one common share and one-half of one common share purchase warrant (each whole warrant, a “Warrant”), with each Warrant entitling the holder to purchase one additional common share of the Company at a price of $0.30 for a period of 18 months from closing. In connection with the Private Placement, the Company paid a cash commission of $12,600 and issued 75,000 warrants to certain finders (the “Finders’ Warrants”). The Finders’ Warrants have the same terms as the Warrants. All securities issued in the Private Placement are subject to a statutory four month hold period. The Company will use the net proceeds from the Private Placement for general working capital purposes.
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: PKG
Shares issued: 26,520,558
Contact: Jason Moreau, President and Chief Executive Officer, ParcelPal Technology Inc. – 604-401-8700.
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 including, but not limited to, how the proceeds of the Private Placement will be used. These risks and uncertainties include, without limitation, the risk that the use of the net proceeds from the Private Placement will be different than described in this news release. 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 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.