Business
PowerBand Announces Closing of Private Placement Financing
VANCOUVER, BC / ACCESSWIRE / April 25, 2019 / PowerBand Solutions Inc. (TSXV: PBX) (OTCQB: P...
About this update from Ameritrust Financial Technologies Inc.
[{"type":"text","content":"PowerBand Announces Closing of Private Placement FinancingVANCOUVER, BC / ACCESSWIRE / April 25, 2019 / PowerBand Solutions Inc. (TSXV: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) (\"PowerBand\", \"PBX\" or the \"Company\"), announces that it has received final approval from the TSX Venture Exchange (the \"TSXV\") to close on its previously announced non-brokered private placement (the \"Financing\") (see news releases dated March 22, 2019 and February 5, 2019). The Company has issued 20,966,800 common shares (\"Shares\") at CAD$0.10 per share for total gross proceeds of CAD$2,096,680.Kelly Jennings, PowerBand's CEO, and Bryan Hunt, Director of J.B. Hunt Transport Services, Inc., two insiders of the Company, participated in the private placement and subscribed for 20,716,800 Shares for gross proceeds of CAD$$2,071,680.The proceeds of the Financing will be used to fund the Company's continued U.S. expansion, software development, business development, administration and for general working capital purposes.All of the securities issued in the Financing will be subject to a four-month hold period from the date of closing, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.In addition, the Company announces that it has received final approval from the TSXV to settle an outstanding debt of $705,035.00 owed to the CEO of the Company, as of March 31, 2019, through the issuance of 7,050,350 common shares in the capital of PowerBand (\"Common Shares\") at a deemed price of $0.10 per common share. The common shares were issued on April 10, 2019.PowerBand also announces that it has received Conditional Approval from the TSXV for the Company to issue 3,000,000 common shares to Mike Moen, President and COO, as an inducement, pursuant to Mr. Moen's appointment as President and COO and his related employment agreement, dated November 2, 2018. The issuance of the common shares are subject to disinterested shareholder approval, which is being sought at the Annual General Meeting to be held on May 29, 2019. The common shares will be subject to a four-month hold period from the date of closing, in accordance with applicable securities laws and the policies of the TSXV.Finally, the Company announces that it has accepted the resignation of Derek Wasson from the Company's Board of Directors, effective immediately. Mi...