27 Oct ParcelPal Announces Closing of Final Tranche to Private Placement
ParcelPal Technology Inc. has closed the final tranche of its previously announced non-brokered private placement financing by issuing a total of 11,372,500 units at a price of five cents per unit for gross proceeds of up to $568,625. Under the entire private placement financing, ParcelPal issued a total of 13,528,500 units for total gross proceeds of $676,425.
Each unit consists of one common share of Parcel Pal and one-half of one share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share of Parcel Pal at a price of 7.5 cents per share for a period of 24 months from the date of issue.
ParcelPal paid finders a fee of $31,360 and issued a total of 642,000 share purchase warrants. The securities issued will be subject to restrictions on resale expiring on Feb. 25, 2018, pursuant to applicable securities laws.
Proceeds of the private placement financing will be used for marketing, development, expansion and general working capital purposes.
ParcelPal also announces that Ben Catalano has resigned as a director. ParcelPal wishes to thank Mr. Catalano for his services as a member of its board of directors.
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.