Business
PowerBand Announces Closing of Fully Subscribed Private Placement Financing
VANCOUVER, BC / ACCESSWIRE / January 21, 2020 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:P...
About this update from Ameritrust Financial Technologies Inc.
[{"type":"text","content":"PowerBand Announces Closing of Fully Subscribed Private Placement FinancingVANCOUVER, BC / ACCESSWIRE / January 21, 2020 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (Frankfurt:1ZVA) (\"PowerBand,\" \"PBX\" or the \"Company\"), a leading online automotive leasing, auction remarketing, and vehicle acquisition and sales platform in North America, is pleased to announce that it has closed on a non-brokered private placement (the \"Private Placement\") announced on December 20, 2019, of 7,692,307 units (the \"Units\") at a price of $0.065 per Unit for total proceeds of $500,000. The Private Placement was fully subscribed. Each Unit is comprised of one (1) common share of the Company (\"Common Share\") and one half of one (1/2) common share purchase warrant (each whole share purchase warrant, a \"Warrant\") of the Company. Each Warrant entitles the holder to receive, for no additional consideration, one (1) Common Share, subject to adjustments, at an exercise price of $0.15 for a period of 24 months from the date of issuance.The gross proceeds of the Private Placement will be used to fund the Company's continued U.S. expansion, software development, business development, administration and for general working capital purposes.All securities issued in connection with the private placement are subject to a 4-month and one day hold period in Canada.About PowerBand Solutions Inc.PowerBand Solutions Inc. is a technology provider listed on the TSX Venture Exchange. The Company has commercialized its leading-edge cloud-based platform to buy, sell, lease, and auction vehicles. With the recent receipt of its exporter license and its acquisition of MUSA Auto Finance, the Company is now well positioned to become a leader in the USD$10 billion cross-border used vehicle export market, the USD$100 billion used vehicle auction market, and the USD$120 billion vehicle leasing market in the U.S. and Canada.For further information, please contact:Richard Goldman, VP Corporate DevelopmentP: [email protected] STATEMENTSThis news release contains forward-looking statements relating to the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as \"will,\" \"may,\" \"should,\" \"anticipate,\" \"expects\" and similar expressions. All statemen...