22 Mar ParcelPal Announces Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia, Canada – March 22, 2017 – ParcelPal Technology Inc. (“ParcelPal” or the “Company”), (PKG:CSE) (FSE:PT0) – announces that it intends to complete a non-brokered private placement financing of up to 1,111,111 units (“Units”) at a price of $0.18 per Unit to raise gross proceeds of up to $200,000 (the “Financing”). The Financing may be completed in one or more tranches. Each Unit will consist of one common share of the Company 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 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 $105,000 of the proceeds of the Financing to execute expansion plans of the ParcelPal app and operations which include marketing and investor relations, $15,000 of the proceeds of the Financing for research and development and $80,000 of the proceeds of the Financing for ongoing general and administrative expenses.
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.
The Company confirms that there is no material fact or material change relating to the Company or its business that has not been generally disclosed
About ParcelPal Technology Inc.
ParcelPal is an iPhone, Android and desktop computer service enabling businesses and individuals to quickly and affordably have items delivered locally though crowd-sourced couriers. The Company offers same-day delivery of merchandise for leading retailers in Vancouver and soon in major cities Canada-wide.
CSE – Symbol: PKG
FSE – Symbol: PT0
Contact: Kelly Abbott, President, ParcelPal Technology Inc.: 778-237-5212
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, how the proceeds of the Financing will be used and the Company expanding into additional markets. 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 and that the Company will be able to expand in major cities Canada wide. 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.