ParcelPal Technology Inc. has closed its initial tranche of its previously announced non-brokered private placement financing by issuing a total of 2,156,000 units at a price of five cents per unit for gross proceeds of up to $107,800. Each unit consists of one common share of ParcelPal and one-half of one share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share of ParcelPal at a price of 7.5 cents per share for a period of 24 months from the date of issue.
ParcelPal paid finders’ fees of $8,624 and issued a total of 178,480 share purchase warrants.
Proceeds of the private placement financing will be used for marketing, development, expansion and general working capital purposes.
ParcelPal also announces that it has settled corporate indebtedness of $205,000 by the issuance of 4.1 million shares to its officers, directors and its consultants. Further, ParcelPal granted options to purchase 300,000 common shares to a consultant at a price of eight cents per share expiring five years from the date of grant.
The securities issued will be subject to restrictions on resale expiring on Feb. 12, 2017, pursuant to applicable securities laws.
About ParcelPal Technology Inc.
ParcelPal is a technology-driven logistics company that connects consumers to the goods they love. Customers can shop at partner businesses and, through the ParcelPal technology, receive their purchased goods within an hour. The company offers on-demand delivery of merchandise from leading retailers, restaurants, medical marijuana dispensaries and liquor stores in Vancouver and soon in major cities across Canada.